JOHANNESBURG - AECI Limited, a prominent South African chemical and mining company, has announced the appointment of two new independent non-executive directors to its Board. Mr. July Ndlovu and Mr. Billy Mawasha will join the company's Board of Directors starting from January 1, 2025.
The appointments are in line with the Johannesburg Stock Exchange (JSE) Listings Requirements and are aimed at enhancing the Board's governance and diversity. Dr. Khotso Mokhele, the Board Chair of AECI, expressed confidence that the new directors' extensive experience and leadership in the mining industry will significantly contribute to the company's sustainable growth.
Mr. Ndlovu brings over 30 years of experience in the mining sector, including a tenure as CEO of Thungela Resources Limited. His expertise spans a variety of commodities and markets in Southern Africa and Australia. Known for his visionary leadership, Mr. Ndlovu is currently the Board Chair of Futurecoal and has a history of senior roles in organizations such as Anglo American (JO:AGLJ) plc and Unki Platinum Mine.
Mr. Mawasha's background includes executive positions at De Beers and AngloGold Ashanti Limited, as well as being the Country Head for Rio Tinto (NYSE:RIO) in South Africa. He is the founder and CEO of Kolobe Nala Investment Company and serves on the boards of several other South African mining companies.
The selection of Mr. Ndlovu and Mr. Mawasha aligns with AECI's Board Nomination, Composition and Diversity policy. The company's leadership anticipates that their contributions will be valuable in driving forward AECI's strategic objectives.
This announcement is based on a press release statement from AECI Limited, which is listed on the JSE under the share code AFE. The company also has hybrid and bond listings with the codes AFEP and AECI respectively. AECI's equity and debt sponsors are Rand Merchant Bank and Questco Proprietary Limited.
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