Anglo American's Kumba restructures management

Themba Mkhwanazi has been appointed CEO of Kumba Iron Ore following Norman Mbazima’s decision to step down after four years to focus on his role as deputy chairman of the firm’s South African branch.

The former CEO will maintain oversight of the processes to restructure and divest the company’s non-core assets in South Africa including its interests in the Kumba and thermal coal businesses.

Group chief executive Mark Cutifani said: “Norman will now concentrate on how we deliver value through the restructuring and divestment of our non-core businesses in South Africa as we continue to explore all appropriate options, as we have been doing across our global portfolio of non-core assets.”

Mkhwanazi said his energy will be focused on “maintaining Kumba's strong track records in safe production, mutually beneficial relationships and further increasing productivity to ensure the sustainability of the business for the benefit of all our stakeholders.”

Mkhwanazi’s previous position as CEO of the company’s coal business has been taken up by July Ndlovu. Ndlovu has been executive head of procession operations at the Anglo American Platinum since 2007. Both appointments will come into effect on 1 September 2016. The two roles will report internally to CEO of the firm’s bulk commodity business Seamus French.

Ndlovu said his immediate focus will be on “operational performance that meets our customers' needs, supporting the value of our domestic and export mines and working together with colleagues and our key stakeholders to advance the divestments.”

French said the priority for both the Kumba and South African coal businesses is “to lead them safely through their divestment from Anglo American.”

Anglo's share price rose 0.81% to 782.10p on Tuesday at the close.