TIDMNAD
RNS Number : 2239T
Namakwa Diamonds Limited
02 June 2009
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June 2, 2009
LSE: NAD
Management Changes
Namakwa Diamonds Limited ("Namakwa" or the "Company"), today announces that with
regret Altie Krige has resigned from his position as Chief Operating Officer. In
addition, Andries Jansen has stepped down from his position on the Board to
concentrate on his role as the Head of Cutting and Polishing. Altie will remain
in place for the period necessary to oversee the transition of duties to other
members of the team and will also step down from his position on the Board in
due course. Simultaneously, Theodoros Botoulas has been appointed as acting
Chief Operating Officer and the Board welcomes him into his new role. The
Directors thank Altie for his valuable contribution to Namakwa and are confident
the Company's succession planning will ensure a smooth transfer of duties.
Theo Botoulas brings with him over 20 years of mining and financial industry
experience having been involved in both alluvial and kimberlite diamond projects
on the African continent for a number of years. In particular, he has focussed
on the mining potential of the Middle Orange River in South Africa, resulting in
him playing an active role in the listing of several companies, and the
construction of several mining projects, in the area. In his previous role as
the Chief Executive Officer of Diamond Core Resources Limited, Theo was
primarily responsible for the restructuring and subsequent turnaround of the
Company into a successful JSE listed Company.
Theo has been appointed as the acting Chief Operating Officer of Namakwa
Diamonds with effect from 1 June 2009 and is responsible in particular for all
exploration, prospecting and operational aspects of the Group.
As previously announced, James Cross former Senior Deputy Governor of the SA
Reserve Bank, has joined the Namakwa Board as a Non-Executive Director and
following the reorganisation the Company is now fully compliant with the
Combined Code. Following the restructure the composition of the committees is as
follows:
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| | Board of | Audit |Remuneration | SHE |Nominations |
| |Directors |Committees | Committee |Committee | Committee |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Hans Smith, Chairman | x* | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| James Cross, Independent Non | x | x | | | |
| Executive Director | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| John Coulter, Independent Non | x | x* | x | | |
| Executive Director | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Con Fauconnier, Independent Non | x | | x | x* | x* |
| Executive Director | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Edward Haslam, Senior Independent | x | x | x* | x | x |
| Non Executive Director | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Alex Davidson, Independent Non | x | | | x | x |
| Executive Director | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Tom Kruger, Deputy Chairman & | x | | | | |
| Founder | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Nico Kruger, Chief Executive | x | x | x | | |
| Officer | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Heno Kruger, Executive Director, | x | x | | | |
| Trade & Beneficiation | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Jean Nel, Chief Strategic Officer | x | x | x | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
| Jacques Conradie, Chief Financial | x | | x | | |
| Officer | | | | | |
+-------------------------------------+-----------+------------+--------------+-----------+-------------+
* denotes Chairman of the Committee
Nico Kruger, Chief Executive of Namakwa Diamonds commented:
"Firstly, I would like to thank Altie and Andries for their commitment to the
Namakwa Board. Andries helped develop the unique business model that Namakwa has
adopted and will continue to head up the important function of Cutting and
Polishing whilst Altie's contribution has been invaluable in the set up of the
platform for efficient mining operations going forward. Namakwa has for some
time been aware of these potential changes and has planned accordingly. As a
result, I am delighted to announce the appointment of Theo Botoulas as acting
Chief Operating Officer and he brings with him a wealth of knowledge and
expertise. I am confident he will be able to build on the solid foundations at
Namakwa and deliver success going forward."
For further information please contact:
Namakwa Diamonds - Nico Kruger
Tel: +27 11 334 8886
Taylor Rafferty - Rob Newman
Tel: +44 207 614 2900
About Namakwa:
Namakwa Diamonds is a unique diamond resource group. Its strategy of backward
integration from its 30 years of beneficiation experience into mining has
created a unique public investment proposition. Namakwa Diamonds has a
diversified portfolio of diamond projects, which include five distinct diamond
resource target areas. These are located in four African countries, namely;
South Africa, the Democratic Republic of Congo, Namibia and Angola. Namakwa's
projects are located within historically prospective geological environments.
Alluvial diamond deposits, including marine, constitute the primary focus of the
company, whilst kimberlite opportunities will be considered if they represent an
advanced stage of development, consistent with Namakwa's philosophy of a short
resource delivery time as provided by its alluvial diamond mines.
This information is provided by RNS
The company news service from the London Stock Exchange
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