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State: 17.08.2024 | 11PM
Wed, 18.12.2024       AE&CI
US0010122028

AECI LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1924/002590/06)

Share code: AFE ISIN: ZAE000000220

Hybrid code: AFEP ISIN: ZAE000000238

Bond company code: AECI

LEI: 3789008641F1D3D90E85

(AECI or the Group)

 

APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTORS

 

In compliance with paragraph 3.59 of the JSE Limited (JSE) Listings Requirements and paragraph 6.42 of the JSE Debt and Specialist Securities Listings Requirements, AECI is pleased to announce the appointments of Mr. July Ndlovu and Mr. Billy Mawasha as independent non-executive directors to the Board of directors of AECI, with effect from 1 January 2025.

 

"The addition of Mr. Ndlovu and Mr. Mawasha to the Board of AECI is an exciting achievement that both strengthens our governance and further diversifies the directorship. Their invaluable leadership experience and deep knowledge of the mining industry will contribute significantly towards enabling the Group's sustainable growth" - said Dr Khotso Mokhele, Board Chair.

 

Mr. Ndlovu's career spans over 30 years in mining operations, culminating in his appointment as Chief Executive Officer of Thungela Resources Limited. He has been an executive in mining since 2007, overseeing a variety of commodities across various markets. He brings extensive experience in mining operations, large scale projects and mergers & acquisitions in Southern Africa, as well as in Australia. He is known for his integrity and visionary approach and is highly respected for his ability to drive growth while maintaining a strong commitment to safety and operational excellence. Mr. Ndlovu currently serves as Board Chair of Futurecoal. His academic credentials include a Master's Degree in Business Leadership from the University of South Africa and a BSc in Metallurgical Engineering from the University of Zimbabwe. He has previously held senior positions at leading organisations, including Anglo American plc, Bindura Nickel Corporation, Zimasco and Zimbabwe Alloys. He also served as Board Chair of Unki Platinum Mine.

 

Mr. Mawasha has extensive leadership experience in the South African mining industry, having held various executive leadership positions in De Beers, AngloGold Ashanti Limited and Kumba Iron Ore Limited. He was Country Head of Rio Tinto, South Africa, and Managing Director of Richards Bay Minerals. Mr. Mawasha holds a BSc, Electrical Engineering, from the University of Cape Town and brings a wealth of experience in driving growth, innovation, operations, risk management, investments and project delivery. He is the founder and Chief Executive Officer of Kolobe Nala Investment Company and a non-executive director of Exxaro Resources Limited, Impala Platinum Limited and Metair Investments Limited.

 

The AECI board is pleased to welcome both Mr. Ndlovu and Mr. Mawasha and looks forward to their contributions.

 

These appointments were made in accordance with AECI's Board Nomination, Composition and Diversity policy.

 

 

Woodmead, Sandton

 

18 December 2024

 

Equity Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)

Debt Sponsor: Questco Proprietary Limited

 

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