Wellesley-Wood to chair Mwana Africa

Published: 04 September 2013

PAN African resources group Mwana Africa has appointed Mr Mark Wellesley-Wood as non executive chairman.

He takes over from Mr Oliver Baring whose resignation was announced on Monday.

Mwana said Mr Wellesley-Wood was mining engineer and fellow of the Institute of Materials, Minerals and Mining with over 40 years experience in both the mining industry and investment banking.

Until recently he was a director of Investec Investment Banking and Securities in London, prior to which he was head of corporate finance at Ambrian Partners.

Mr Wellesley-Wood has also previously worked at Dresdner Kleinwort Benson as the global sector head for metals.

He has been closely involved in mining activities in Southern Africa, having started his career on the Zambian Copperbelt and has since held positions of executive chairman and chief executive officer of South African gold miner, DRDGold Limited. He has also been the CEO of Metallon Gold Ltd (Redwing Mining), which operates gold mines in Zimbabwe.

Mr Wellesley-Wood's appointment comes as the company announced that directors and senior management had agreed to take salary and bonus cuts to contain costs.

Mwana Africa chief executive Mr Kalaa Mpinga said the new chairman would play a crucial role in achieving the costs cutting measures.

"Mwana Africa is now entering a new phase of its development focusing on operational delivery from its two mines in Zimbabwe and the development of the Zani Kodo gold deposit in the DRC.

Mark's considerable operational and corporate experience will greatly assist us in delivering the maximum value from these assets. In addition, the company has recently announced a restructuring aimed at reducing corporate costs and concentrating on cash flow generation and I believe Mark will be a valuable addition to the Board as it looks to achieve these objectives," he said.
- herald

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