Ex-Glencore exec appointed Zimplats director

Zimplats CEO Alex Mhembere

Published: 07 April 2014

South Africa-based Impala Holdings Limited (Implats)' Zimbabwe unit, Zimplats, has appointed former Glencore Xstrata top official Andile Sangqu as non-executive director.

His appointment is with effect from April 1, 2014.

Zimplats is 87 percent owned by Implats - the world's second-largest platinum producer, and the group has major growth plans for the local miner.

Sangqu, a South African, joined the Johannesburg Stock Exchange-listed Implats last month as sustainability and risk executive.

Alex Mhembere, Zimplats' chief executive, said "Sangqu has experience in business financial restructuring, financial systems development, strategic planning, organisational transformation and change management processes".

Sangqu has served on boards of various companies and public sector organisations.

He joins Muchadeyi Masunda, Mhembere, Stewart Mangoma, Brenda Berlin, Terence Goodlace, Michael Houston, Leslie Paton, Khotso Mokhele, Robert Still and chairman Nyasha Zhou on the Zimplats board.

His appointment comes at a time when the Zimplats' profits tumbled by 48 percent to $20,6 million in the quarter to December 31, 2013 on the back of a 13 percent decline in revenues $125 million.

During the period under review, Zimplats' expenditure went up 43 percent to $60 million — excluding government and tax payments.

Operating profit declined 48 percent to $20,6 million.

"Total payments to government in direct and indirect taxes decreased by nine percent from $32m to $29m compared," said the miner.

The platinum group metals producer battled depressed metals prices and lower sales volumes.

Platinum ore extracted during the quarter increased by seven percent to 1 387 000 tonnes.

Ore grade stood at 3,28 grammes per tonne while the recovery rate remained stable at 81,7 percent.

Nickel production was nine percent lower compared to the previous quarter's 1 136 tonnes while copper output at 843 tonnes was seven percent lower.
- dailnews

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