To view the PDF file, sign up for a MySharenet subscription.

MINE RESTORATION INVESTMENTS LTD - Update on the coal briquetting project and board restructure

Release Date: 18/11/2013 11:34
Code(s): MRI     PDF:  
Wrap Text
Update on the coal briquetting project and board restructure

MINE RESTORATION INVESTMENTS LIMITED
(formerly Capricorn Investments Holdings Limited)
Incorporated in the Republic of South Africa
Registration number 1987/004821/06
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or "the Company")

UPDATE ON THE COAL BRIQUETTING PROJECT AND BOARD RESTRUCTURE

COAL BRIQUETTING PROJECT
Shareholders are referred to the previous announcement released on
SENS on 15 October 2013, which provided an update on the briquetting
project. Further to that update, the commissioning of the Group’s
coal briquetting plant continues to progress well with conclusion
hereof expected by the end of the year. During the commissioning
phase, the Company has produced sufficient screened coal fines to
provide bulk samples to possible interested customers for
specification testing. Product continues to be produced and modified
whilst the commissioning runs its course.


BOARD RESTRUCTURE
Given that the Company’s current and short to medium term focus has
and will be on the production of coal briquettes, the Company has
taken a view to restructure the board to gear up expertise and
experience in mining and resources.

This restructure has taken place over the last couple of months with
the resignation of non-executive directors who were part of the
Company prior to the acquisition of Western Utilities Corporation
(Pty) Ltd.
In terms of paragraph 3.59 of the Listings Requirements of the JSE
Limited (“JSE”), the Company is required to disclose all changes to
the board, which changes are detailed below.


In light of the positive progress of the briquetting project, the
near completion thereof and owing to executive responsibilities
required at DRD Gold, Jaco Schoeman has stepped down as Chief
Executive Officer (“CEO”) of the Company with effect from 15 November
2013. Jaco quoted “I am pleased with the progress made to date and
the status of the project and am comfortable with and confident in
the foundation from which the project will perform and grow. I no
longer have sufficient time to manage and grow the project given my
outside responsibilities as best as I would like and have faith in
the team that remains.”


The board is grateful to Jaco for his contribution to the Company as
well as his perseverance and determination in getting the Company to
where it is today, the board wishes him all the best.


Jaco will be replaced by non-executive director Richard Tait with
effect from 15 November 2013, whose role will change to that of CEO
until such time as the Company has conducted its search for a
suitable candidate to spearhead the long term growth of the Company.
Richard has relevant mining experience, having worked for Anglo
American in Mali and South Africa early in his career, and managed
GEM’s investment in RioZim in Zimbabwe from 2012 until earlier this
year. He also has significant investment banking experience, working
for Goldman Sachs and Credit Suisse First Boston in the UK and
Australia, and then for Standard Bank in South Africa and Mauritius.
Richard holds a B.Sc. (Chemical Engineering), B.Comm. (Economics and
Quantitative Management) and an Executive MBA, and is currently
managing director of AfrAsia Corporate Finance (Pty) Ltd.
In order to align the board with corporate governance principles set
out in the JSE Listings Requirements as well as to the strengthen the
mining and resources experience of the board, the board is pleased to
announced the appointment of Mr Syd Caddy as an independent, non-
executive director with immediate effect.


Syd has more than 40 years’ of South African gold, uranium and base
metal experience in both shallow and ultra-deep level mining
environments. He has carried the General Manager appointments for the
Black Mountain, Kloof and West Driefontein mines and has also been
appointed to various positions within JCI Limited, First Uranium
Corporation and Gold One International Limited, including those of
Consulting Engineer, Chief Operating Officer and Managing Director.
He is currently fulfilling the role of CEO at JSE listed Bauba
Platinum Limited.  Syd is a registered Professional Engineer, and a
Fellow of both the Southern African and Australian Institutes of
Mining and Metallurgy. He is also a Past President of The Association
of Mine Managers.

The Company welcomes Richard to the executive management team and Syd
to the board.

Johannesburg

18 November 2013

Corporate Advisor:
AfrAsia Corporate Finance Proprietary Limited

Designated Advisor:
Sasfin Capital (a division of Sasfin Bank Limited)

Date: 18/11/2013 11:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story