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Ncondezi appoints new chairman and CEO

Staff writer |
Tortola, British Virgin Islands - May 23, 2012, Tortola, British Virgin Islands - Ncondezi Coal Co Ltd announces that it restructures management team. All appointments will be effective from 1 June 2012.

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Michael Haworth has been appointed to the Board as Non-Executive Chairman and will replace Richard Stuart who will remain on the Board as a Non-Executive Director. Mr. Haworth is a Non- Executive Director of Zanaga Iron Ore Company and is a director of Strata Limited, the majority shareholder of the Company.

Mr. Haworth has more than 12 years investment banking experience, predominantly in emerging markets and natural resources. Prior to establishing Strata in 2006, Mr. Haworth was a Managing Director at J.P. Morgan and Head of Mining and Metals Corporate Finance in London.

Nigel Walls, currently Chief Operating Officer, has been promoted to Chief Executive Officer and will join the Board as an Executive Director. Since joining in January 2010, Mr. Walls has been responsible for both the Project’s Definitive Feasibility Study and leading all the related geological, technical and social environmental study work.

Graham Mascall will step down as CEO and become a Non-Executive Director of the Company.

Paul Venter has been appointed as COO. Mr. Venter has more than 39 years experience across Africa, Mongolia, China and Russia in the mining, power generation and transport industries. During his recent tenure as Vice President: Energy Operations at Prophecy Coal Corp, a TSX listed company, he was instrumental in the successful commissioning of the Ulaan Ovoo coal mine in Mongolia into production within six months after the acquisition of the coal asset. He also played a pivotal role in the development phases of the first coal fired Independent Power Producer in Mongolia.

Prior to this, Mr. Venter was Managing Director of EN+ Group coal mining activities in Russia and has held senior management positions in the coal divisions of Eskom, Gencor and Anglo American in South Africa.

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