Pan-African mining firm Mwana Africa has named Stuart Morris as interim chairperson after Oliver Baring resigned with immediate effect this week.
Report by Staff Writer.
In Zimbabwe, Mwana Africa owns 75% of Bindura Nickel Corporation’s total issued share capital and an 85% equity stake in Freda Rebecca Mine, also in Bindura.
Mwana’s new interim chairperson Morris will take the role until a new chairman is appointed, the company said in a brief statement.
“Oliver has been instrumental in helping Mwana progress its projects in both Zimbabwe and the DRC, and he has made a considerable contribution to the company,” CEO Kalaa Mpinga said, wishing Baring well for the future.
Last week, the firm said it would implement various measures to save US$2,6 million a year.
The company said its non-executive directors would all take a 50% pay cut, while its chief executive officer would take a 25% salary cut, as well as waiving a £330,000 bonus for last year.
The company has also decided to “significantly scale down its London presence”.
Mwana Africa executives agreed to a 50% pay cut as the pan-African multi-commodity mining company targets US$5 million in annual savings. The mining and development company announced in June its plans to save US$5 million from budgeted corporate costs.
The company said it was considering its options in relation to its assets and projects, which include Bindura Nickel Corporation and Zani Kodo in the DRC.
Mwana Africa last week said the firm’s non-executive directors had all agreed to the 50% reduction in their fees with immediate effect.
The group’s CEO has since agreed to reduce his salary by 25% and waived his US$510 000 bonus awarded to him in March.
“Senior management have agreed to salary cuts ranging from 15% to 20%, effective from 1 September 2013. The company has also decided to significantly scale down its London presence,” Mwana said in a statement.