JOHANNESBURG — Dual-listed Caledonia Mining, which operates the Blanket Gold Mine in Matabeleland South, has promoted its chief financial officer Steve Curtis to chief executive officer.
He succeeded Stefan Hayden, who stepped down as CEO.
Curtis, a chartered accountant with over 30 years’ experience, joined Caledonia in 2006 and was elected to the board in 2008.
He would be supported in his role as CEO by Caledonia’s existing management team, which included chief operating officer Dana Roets and current vice-president of investor relations and corporate development Mark Learmonth, who would take over as chief financial officer.
The company didn’t provide a reason for Hayden’s sudden departure.
Curtis joined Caledonia Mining’s management team in 2006 and was elected to the board in 2008.
Prior to this, Curtis was the director of finance and supply chain for Avery Dennison South Africa and has previously held the role of financial director and managing director of Jackstadt GmbH’s South African operation.
Taking over from Curtis as chief financial officer is current vice-president Mark Learmonth, a chartered accountant who worked as an investment banker in England and South Africa for 15 years before he joined Caledonia Mining in 2008.
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“The board would like to congratulate Steve Curtis on his appointment as chief executive officer,” said chairman Leigh Wilson.
“We are sure that Steve has all the skills to lead Caledonia through its next stages of development and growth.”
Caledonia Mining shares were down 0,9% to 39,15 pence per share on Tuesday morning.
Last week, Caledonia Mining said its Blanket Mine in Gwanda saw its third quarter to September net profit slumping by 72% to $1,268 million as gold prices continued to weaken and production slowed.
Gold prices have plummeted from $1,422 per ounce in December 2010 to $1,219/oz in October, hitting the junior miner hard.
In the nine months to September, net profit at $6,9 million was 50% lower than the $13,9 million achieved in the same period of the prior year. — Online
