The CEO of Petra Diamonds has announced his resignation
Petra Diamonds, the UK-based diamond miner, has confirmed that Johan Dippenaar will be stepping down from his position as Chief Executive Officer of the company.
“As part of the Nomination Committee Succession plan, a process to identify a successor for the CEO position has now commenced,” Petra Diamonds wrote in its Preliminary Results Announcement.
“In line with the Company's development from a phase of intensive capital expenditure and expansion to a focus on steady state operations, Johan Dippenaar will be stepping down from the role when an appointment has been made.”
Dippenaar has worked for the firm as the CEO for 13 years, since the 2005 merger with Crown Diamonds.
The company’s annual production has grown under Dippenaar’s years at the firm – from around 175,000 carats per annum in 2016 to 4.6mn carats within the recent fiscal year.
“As Petra now approaches the final stage of its expansion plans, it is positioned to reap the benefits and, in line with the Nomination Committee's Succession Plan, a successor for the CEO position will be appointed in due course,” remarked Adonis Pouroulis, Chairman of Petra Diamonds.
“Johan will continue in the role of CEO until this time and will work closely with the Board to ensure an efficient handover.”
“I would like to take this opportunity to express the Board's sincere gratitude for all that he has done for Petra.”
“We look forward to updating the market with new non-executive appointments in October.”
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.