Sibanye chairperson Sello Moloko announces resignation

(iStock)
(iStock)

Sibanye Gold [JSE:SGL] announced on Wednesday afternoon that its chairperson Sello Moloko has resigned.

Moloko will officially step down on September 30.

The mining company said Moloko will be focussing on other responsibilities and the development of the Thesele Group, a 100% black-owned investment company which he founded in 2005. He stepped down the day after Lonmin investors backed a takeover by Sibanye Gold, to create one of the world's latest platinum producers. 

"Moloko has served as chairman of the group since it was established in February 2013 and has overseen the growth and development of the group, from a South African gold producer, into a leading international precious metals company," the mining company said in an update to shareholders. 

"It has been my privilege to lead and participate in the evolution of Sibanye-Stillwater, from its humble beginnings six years ago, into the unique, globally diversified precious metals company of today," said Moloko in a statement. 

"Having overcome some significant challenges in the last 18 months, and with the successful conclusion of the shareholder vote to approve the Lonmin acquisition yesterday, I feel confident that the Group is poised to deliver on its vision of creating superior value for all of our stakeholders and believe that this is an opportune time to hand the chairman’s baton on."

Dr Vincent Maphai will succeed Moloko as chairperson. He will join the board as chairperson designate from June 1, 2019.

Sibanye's share price opened at R12.72 a share on Wednesday and was trading at R13.00 a share at 14:20, up 4.6% on the day. 

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