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Sibanye-Stillwater CEO Neal Froneman. Picture: WALDO SWIEGERS/BLOOMBERG
Australian mining house New Century, recently acquired by Sibanye-Stillwater, has let go of CEO Robert Cooper in a move expected to usher in a new strategy the owners have been pushing for from before they took full control of the business a few months ago.
New Century reprocesses mine waste and is one of the top five zinc producers in Australia. It is also looking at re-mining a copper mine in Tasmania.
Cooper, in the top job for less than a year after his appointment in September, has changed his Linkedin profile, indicating he will leave the role at the end of this month. The profile indicates he will take a short break from the corporate world.
“Taking the opportunity to enjoy some quality time off, away from the daily grind. Looking for the next adventure later in 2023,” his profile reads.
The writing was on the wall for Cooper since February when Sibanye announced its intention to swoop on the company with a R1.5bn unsolicited offer to buy the 80% of New Century it did not own, saying it was unhappy with the company’s strategic direction.
“Under current management, the building of a leading global tailings retreatment business is no longer a focus,” CEO Neal Froneman wrote to the company’s shareholders at the time.
Froneman also slammed the plummeting share price. “The substantial decline in shareholder value in recent times, with the New Century share price down 59% over the last six months, implies that the current strategy has not been well received by shareholders and investors.”
Sibanye in May appointed two insiders to the board of New Century Resources after the resignation of chair Kerry Gleeson, not long after Peter Watson’s departure in April.
Sibanye staffers Stephan Stander and Benjamin Dry have been appointed as directors. Stander is senior vice-president at Sibanye-Australia and Dry holds the position of senior business development manager.
Before joining New Century, Cooper had senior roles in underground and open-pit mining operations in most states of Australia, as well as in Canada and Africa, working with BHP, Discovery Metals and other groups.
Sibanye did not respond to questions about Cooper’s departure or who would replace him.
The group, valued at about R83bn on the JSE on Wednesday, said New Century had restructured its environmental bond and trading facilities on improved terms. It also said its subsidiary had implemented a new working capital facility with Citibank.
“The restructured facilities will release security, including cash deposits, reduce financing costs and enhance operational flexibility,” the group said in a regulatory filing.
“The process of fully integrating the delisted New Century Resources (NCR) with Sibanye-Stillwater is well under way, as the NCR business is restructured to lower costs and improve effectiveness.”
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Sibanye wields the axe in Australia
Australian mining house New Century, recently acquired by Sibanye-Stillwater, has let go of CEO Robert Cooper in a move expected to usher in a new strategy the owners have been pushing for from before they took full control of the business a few months ago.
New Century reprocesses mine waste and is one of the top five zinc producers in Australia. It is also looking at re-mining a copper mine in Tasmania.
Cooper, in the top job for less than a year after his appointment in September, has changed his Linkedin profile, indicating he will leave the role at the end of this month. The profile indicates he will take a short break from the corporate world.
“Taking the opportunity to enjoy some quality time off, away from the daily grind. Looking for the next adventure later in 2023,” his profile reads.
The writing was on the wall for Cooper since February when Sibanye announced its intention to swoop on the company with a R1.5bn unsolicited offer to buy the 80% of New Century it did not own, saying it was unhappy with the company’s strategic direction.
“Under current management, the building of a leading global tailings retreatment business is no longer a focus,” CEO Neal Froneman wrote to the company’s shareholders at the time.
Froneman also slammed the plummeting share price. “The substantial decline in shareholder value in recent times, with the New Century share price down 59% over the last six months, implies that the current strategy has not been well received by shareholders and investors.”
Sibanye in May appointed two insiders to the board of New Century Resources after the resignation of chair Kerry Gleeson, not long after Peter Watson’s departure in April.
Sibanye staffers Stephan Stander and Benjamin Dry have been appointed as directors. Stander is senior vice-president at Sibanye-Australia and Dry holds the position of senior business development manager.
Before joining New Century, Cooper had senior roles in underground and open-pit mining operations in most states of Australia, as well as in Canada and Africa, working with BHP, Discovery Metals and other groups.
Sibanye did not respond to questions about Cooper’s departure or who would replace him.
The group, valued at about R83bn on the JSE on Wednesday, said New Century had restructured its environmental bond and trading facilities on improved terms. It also said its subsidiary had implemented a new working capital facility with Citibank.
“The restructured facilities will release security, including cash deposits, reduce financing costs and enhance operational flexibility,” the group said in a regulatory filing.
“The process of fully integrating the delisted New Century Resources (NCR) with Sibanye-Stillwater is well under way, as the NCR business is restructured to lower costs and improve effectiveness.”
khumalok@businesslive.co.za
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