Kumba Iron Ore : Changes to the Board of Directors

Fani Titi intends to step down from the board with effect from 30 September 2017, and that Dr Mandla Gantsho has been appointed as an independent director and chairman designate. Dr Gantsho will join the board on 1 August 2017 and will succeed Mr Titi as chairman on 1 October 2017, after a handover period of two months.

Dr Gantsho is the CEO and founder of Africa Rising Capital, an investment and advisory business. He is a non-executive director and chairman of Sasol Limited and Impala Platinum Holdings Limited. He is also a member of the divisional board of Rand Merchant Bank (A division of FirstRand Bank Limited). A chartered accountant by profession, Dr Gantsho has spent some fifteen years in leadership positions within development finance institutions, both in South Africa and internationally, and brings a wealth of experience of multi-sectoral development throughout the African continent. In addition, he has extensive board leadership experience on a number of listed and unlisted corporations.

Fani Titi, Chairman of Kumba, said: 'Chairing the Kumba board has been an enormous privilege during what has been a period of considerable price volatility and positive change for the business. I will hand over to Mandla Gantsho at a time of strength for Kumba, following the announcement of its half year results and the resumption of dividend payments to our shareholders. I am pleased to have played a part in contributing to a great South African business that will continue to make a significant contribution to our economy and to the communities in which we operate. I look forward to welcoming Mandla Gantsho to the board and I am confident that his extensive commercial and leadership experience will serve Kumba well as it continues to create value for all its stakeholders.

'I am grateful to the board and shareholders of Kumba for their support over the last five years. Mandla Gantsho will work with a leadership team ably led by our CEO Themba Mkhwanazi to build on the significant progress already made by the business.'

Mandla Gantsho said: 'I am honoured and humbled to join the board of Kumba. The mining sector continues to present enormous potential and opportunity to attract investment in South Africa and elsewhere on the continent. More importantly, as a driver of economic growth, it is pivotal in creating sustainable employment and downstream opportunities for business and entrepreneurial development. As a member of the Kumba board, I am committed towards building on the indelible legacy created by Fani Titi. I am confident that with my board colleagues and a committed and professional management team, Kumba will continue its positive trajectory'.

Themba Mkhwanazi, CEO of Kumba, added: 'On behalf of the entire board, we wish Fani Titi well and thank him for his steady leadership of the board over the last five years. Personally, I thank him for his guidance upon my stepping into the role of CEO of Kumba almost one year ago. I am pleased to welcome Mandla Gantsho to the Kumba board and as the Kumba team, we look forward to his wealth of experience and leadership as we continue to build this magnificent business'.

Further biographical details

Mandla Gantsho, age 55, has held a number of directorships including at the South African Reserve Bank, Development Bank of Southern Africa, Afrocentric Investment Corporation and CIC Energy South Africa. He holds several degrees, including a Ph.D. and an M.Phil. from the University of Pretoria, an M.Sc. from George Washington University in the USA, a B.Com. (Hons) and a CTA from the University of Cape Town, and a B.Com, from Walter Sisulu University (former University of Transkei). He is a qualified Chartered Accountant (SA).

Centurion
25 July 2017

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