News

August 10, 2007

Mining Problems In South Africa Become Too Much For Three Leading Executives

Stuart Murray, boss of Aquarius Platinum, was clearly enjoying himself at the party given by his company for brokers, journos and investors in London last night. And who wouldn’t be with record profits and record production in the year to end June 2007 behind him and a bevy of dark beauties in front wearing platinum jewellery? In the course of conversation, however, it became clear that he had been jolted this week by the announcements in South Africa of the resignations of the chief executives of three major mining companies.

Bernard Swanepoel had walked out of Harmony Gold, which he had built to its present stature as the 5th largest producer in the world, following some disappointing results. Bobby Godsell of AngloGold Ashanti has been on his way out for nearly a year, but a date of October has now been set following a visit by Cynthia Carroll, the CEO of Anglo American which is a 41.8 per cent per cent shareholder. And they are followed by Ralph Harvenstein the chief executive of Anglo...