Picture: BLOOMBERG/CHIS RATCLIFFE
Picture: BLOOMBERG/CHIS RATCLIFFE

On Tuesday, the SA Reserve Bank announced the appointment of Honey Mamabolo as the new MD of the SA Mint Company, a wholly owned subsidiary of the Bank.

The 128-year-old SA Mint produces SA’s legal-tender coins, investment coins — such as the Krugerrand — as well as coins for the international market. The Mint achieved a pre-tax profit of R1.5bn in the 2018/2019 financial year, driven by increased demand for the Krugerrand, according to the Bank’s latest annual results.

Mamabolo — who has experience across various sectors including mining, retail banking, energy and development finance — was appointed as of February 1, the Bank said in a statement.

Mamabolo graduated as one of three, first, black female chemical engineering graduates at the University of Pretoria and, before joining the SA Mint, was the CEO of Thebe Unico, a leading manufacturer and supplier of automotive chemicals.

Her career has included time as a business analyst for a banking platform at Nedbank, and a project manager for the implementation of the National Credit Act at Absa’s Credit Card Division, the Bank said.

Mamabolo was also a lead co-ordinator of the Industrial Development Corporation’s (IDC) Green Energy Efficiency Fund, which provided funding for the implementation of energy efficiency and small-scale renewable energy projects by small and medium enterprises, and energy services companies.

Mamabolo said she will work to ensure the SA Mint remains “globally competitive through value chain optimisation and a reliable supply of quality coins”.

As well as the SA Mint, the Reserve Bank owns the SA Bank Note Company, which produces  the country’s bank notes. In the most recent financial year it recovered from an R8m loss, to reach R216m pre-tax profits, according to the Bank’s annual report.

donnellyl@businesslive.co.za