Outgoing RBPlat CEO Steve Phiri
Platinum group metals (PGMs) miner Royal Bafokeng Platinum (RBPlat) has confirmed that, as certainty has been achieved on the outcome of Impala Platinum's (Implats') takeover of RBPlat, Steve Phiri's contract as CEO will expire on August 31.
Phiri initially intended to step down as CEO in 2022, but his retirement was postponed following announcements by both Implats and fellow PGMs miner Northam Platinum about the proposed buyout of RBPlat.
RBPlat in April this year extended Phiri's contract until October 7 or until there was certainty about the outcome of the corporate action.
However, as Implats has been successful in acquiring a 98.91% shareholding in RBPlat, as well as in obtaining all regulatory approvals to acquire RBPlat, his contract will end sooner.
RBPlat has become a subsidiary of Implats and will be delisted from the JSE.
“The RBPlat board joins me in extending our thanks and appreciation to Mr Phiri for his long tenure of solid guidance in building a strong and resilient business. Under his leadership, the company has contributed significantly and positively to our wide and varied stakeholder base, and indeed to South Africa as a whole.
"We are deeply indebted to him and his contributions will certainly be remembered as part of the history of the company," RBPlat chairperson Obakeng Phetwe comments.
Phiri says he is honoured to have served RBPlat and contributed to its growth.
"After more than 18 months of corporate action, our journey to become a fully owned part of Implats is finally becoming a reality and we are excited about the changes this will bring. I extend my thanks and appreciation to our incredible employees, who have resiliently worked to make this company what it is today.
"I also recognise our investors for their unwavering support, the RBPlat board, the National Union of Mineworkers, our community leaders, Anglo American Platinum, and all our other stakeholders, who have played significant roles in the growth of RBPlat.
"As I finally retire, I take comfort in knowing that the future is in good hands, and you will work to create a better future for all South Africans,” he comments.
Meanwhile, Styldrift mine manager Grant Magano will be appointed the executive lead to head up the new Implats subsidiary, with effect from September 1. He will report to Implats COO Patrick Morutlwa.
Chris Setuke, who is currently operations manager of the Bafokeng Rasimone Platinum Mine, will succeed Magano as Styldrift mine manager.