Chair of New Century resigns, two Sibanye insiders appointed to the board
Sibanye-Stillwater has appointed two insiders to the board of recently acquired Australian mining house New Century Resources, with more leadership changes on the cards as the Neal Froneman-led group looks for a change in strategy.
New Century CEO Robert Cooper, said Gleeson is an experienced nonexecutive director after a 30-year career as a senior executive and as a lawyer in both the UK and Australia. The announcement of Gleeson’s resignation comes a day after New Century informed shareholders that Sibanye intends to complete the compulsory acquisition procedure for the remaining shares in New Century.
He also slammed the plummeting share price. “The substantial decline in shareholder value in recent times, with the New Century share price down 59% over the last six months, implies that the current strategy has not been well received by shareholders and investors.” Sibanye acquired an initial 19.99% shareholding in New Century Resources, a leading tailings management and rehabilitation company in 2021. As one of the top 15 global zinc producers with annual zinc production of 128,000 tonnes, it owns and operates a zinc tailings retreatment operation in Queensland, the largest tailings retreatment operation in Australia.
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