JOHANNESBURG (miningweekly.com) – Aim-listed Strategic Natural Resources (SNR) CEO and board member David Nel would step down to focus exclusively on managing the operations at the company’s 74%-owned subsidiary Elitheni Coal’s newly opened mine, in the Eastern Cape, the company announced on Monday.
Nel, who would remain the CEO of Elitheni, would be tasked with ensuring that the company meets its delivery obligations under its offtake agreements.
Gabriel Ruhan, who was currently a nonexecutive director at SNR, would assume the role of acting SNR CEO until a permanent appointment was made.
SNR’s deputy chairperson Don Nicolson, who was taking up the position of SNR executive vice-chairperson would assist Ruhan.
Richard Latham stepped down as SNR chairperson, but would remain a nonexecutive director, while nonexecutive director Andy Brennan had been appointed as the company's chairperson.
Further, Barry Nel had informed the board of his intention to retire in late December 2012 and had consequently stepped down as commercial director and chairperson of Elitheni.
SNR nonexecutive director Bertus Steenkamp had stepped down from the SNR board as a nonexecutive director, as well as from the Elitheni board to focus on his role as the mining contractor to Elitheni.
"Now that Elitheni has moved into production, the focus of the company is now on generating revenue. David has led the company in an exemplary way over the last three years and he will now, as the CEO of Elitheni, be dedicated to managing Elitheni and its production,” Brennan said in a statement.