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BL Premium reports that with the tug of war to take over Royal Bafokeng Platinum (RBPlat) intensifying, the mining house has signed one-year contracts with its outgoing CEO and COO as a way to maintain stability.
RBPlat said it had entered into an agreement with Steve Phiri, who was set to retire in early April, to retain his services as CEO and an executive director for 12 months, or “until certainty is attained with regard to the final outcome of the current corporate action”. The company has also entered into a similar contract with COO Neil Carr, who had also been set to retire in April, to ensure that “the operational strategies and structures remain relevant while transitioning the business to its new form based on the outcome of the corporate action”. RBPlat has become the subject of a bidding war between its bigger counterparts after Impala Platinum (Implats) started talks to take it over. Northam, however, had concluded its own deal with Royal Bafokeng Holdings (RBH), a majority shareholder in RBPlat, and by 3 April Northam had 34.68% of the smaller group. The tug-of-war for RBPlat is said to underline the determination of Implats and Northam to add an asset atop a shallow high-grade resource in a global economy that is increasingly embracing platinum group metals (PGMs) as one of the alternative energy sources in a cleaner, environmentally friendly world.
- Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessLive (subscriber access only)
- Read too, Retired RBPlat CEO, COO agree to stay on under contract, at Fin24
Get other news reports at the SA Labour News home page