Central Rand Gold CEO resigns as miner ends sale process

AIM-listed South African gold mining and exploration company Central Rand Gold said Johan du Toit has decided to step down as chief executive from the end of this year to pursue other opportunities.

Non-executive director Allen Phillips will be appointed interim CEO while the company carries out a search to identify a new chief executive in 2016.

It also announced the appointment of Mark Austin as a non-executive director and Lola Trollip as chief financial officer.

The company said that in doing so, it was "strengthening the operational and technical expertise of its board" as it continues to look at opencast and surface opportunities in order to expand gold production.

The company also said on Tuesday that it has decided not to proceed with the sale of Central Rand Gold (Netherlands Antilles) to Asian investor groups.

CRG said it would “unnecessarily prolong shareholder uncertainty with no immediate prospect of a satisfactory outcome”.

It added that it will continue to engage with the Asian investor groups should the prospects for the completion of a transaction involving the sale of Central Rand Gold (Netherlands Antilles) NV improve.

CRG also said it continues to engage with one Asian investor regarding a strategic investment into Central Rand Gold Limited.

At 1315 GMT, CRG shares were down 16% to 3.06p.