People Moves: Terence Goodlace named Chair at Kumba Iron Ore
Kumba Iron Ore has announced the appointment of Terence Goodlace as Chairman of the Kumba Board of Directors. Goodlace has considerable mining experience and has served on the Board for the last four years as an independent non-executive director. He succeeds Dr Mandla Gantsho who retired following the Company’s Annual General Meeting last month
Themba Mkhwanazi, CEO, Kumba Iron Ore:
Kumba CEO, Themba Mkhwanazi, commented: “On behalf of the Board and management team, we congratulate Terence on his appointment as Chairman of the Board. Terence has exceptional mining, corporate governance, and commercial experience. As a a widely respected leader in the South African mining industry, his demonstrable commitment to health, safety, operational excellence and innovation adds to the quality of our board discussions. The Board and management team look forward to his leadership as Chairman and drawing further on his knowledge and insights”.
Goodlace was appointed to the Board in March 2017 and has served as the Lead Independent Director. He also serves as Chairman of the Strategy and Investment Committee and as a member of the Social, Ethics and Transformation Committee, Human Resources and Remuneration Committee, Audit Committee and the Nominations and Governance Committee. He has stepped down as a member of the Audit Committee and as Lead Independent Director with effect from 23 June 2021.
Terence Goodlace, Chairman, Kumba Iron Ore
Goodlace’s mining career commenced in 1977 and has spanned more than 40 years. He spent the majority of his career at Gengold (merged with Gold Fields South Africa to become Gold Fields Limited in 1998) where he progressed through the ranks to become the Chief Operating Officer in 2008. He was appointed as Chief Executive Officer of Metorex Limited in 2009. In 2012, he joined Impala Platinum Limited as Chief Executive Officer where he served on the Impala Platinum Limited board of directors for more than six years, two of which were as an independent non-executive director. Goodlace has extensive experience in leading underground and open-pit mining operations in Africa, South America and Australia.
Terence currently serves as an independent non-executive director on the boards of Gold Fields Limited, AfriTin Mining Limited and is the chairman of Southern Palladium Limited.
Goodlace commented: “I am delighted to be appointed as Chairman of Kumba as the Company continues its focus on unlocking its full potential. As Africa’s largest iron ore producer, Kumba is uniquely positioned to continue producing premium products for its global customers while delivering sustainable value for all its stakeholders. I look forward to continuing to work with the Board and the management team, led by Themba, as we work on further advancing Kumba’s strategic and operational objectives.”
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.