Anglo American South Africa CEO Lazarus Zim is to relinquish his executive responsibilities in Anglo American group and his directorship of Anglo Platinum and will in future be involved in the future empowerment of the mining sector and
specifically with the BEE structures being developed for Anglo Platinum.
However, he will maintain a strong involvement with the group, Anglo American said on Wednesday.
At the end of 2005, Anglo announced the restructuring of its operations, focusing on a core group of mining activities.
With regard to Anglo Platinum, Anglo American also announced that it is exploring options as to how growth and investment can best be supported alongside an appropriate BEE transaction.
Zim has indicated a desire to become involved in the future empowerment of the mining sector and specifically with the BEE structures being developed for Anglo Platinum. Given his extensive past experience in Africa, he also intends to establish his own pan-African investment vehicle, Anglo said.
When the proposals for a further platinum empowerment transaction have been developed, it is envisaged that Lazarus will play a key role in creating a broad based Platinum empowerment consortium alongside Anglo Platinum’s existing BEE partners, it said.
“In support of these intentions, AASA and Lazarus have agreed that he should relinquish his executive responsibilities in the group and his directorship of Anglo Platinum. However, it is our joint intention that he will maintain a strong involvement with the group. He will be chairperson of Kumba Iron Ore, a member of the AASA board and chairperson of its transformation committee and a board member of AngloGold Ashanti and Mondi South Africa,” it said.
In addition, Zim will work closely with Anglo American to develop further business opportunities in other parts of Africa and he will also carry out various consulting duties for the group.
“Anglo will continue to support him in his role as president of the Chamber of Mines,” it said.
Philip Baum has been appointed Acting CEO of AASA, as well as continuing as chairperson of the ferrous metals and industries division. He will work closely with Lazarus and the transformation committee on further transformation, employment equity, BEE procurement and support for small and medium enterprises. – I-Net Bridge