Neville Nicolau, the head of Anglo American’s platinum business (Amplats) is leaving the company, after the South African unit earnings warned its earnings per share for the first half could drop as much as 78%, triggering a major reshuffle at the top management level.
Nicolau will be replaced by Kumba Iron Ore CEO, Chris Griffith, effective September 1. The same day Anglo Thermal Coal head Norman Mbazima will assume the position of Kumba CEO and Anglo American executive director Godfrey Gomwe will take over as CEO of the thermal coal business.
The diversified miner (LON:AAL), which owns 80% of Amplats, said the platinum unit’s CFO, Bongani Nqwababa, will fulfil the role of CEO until Griffith, who worked at the Amplats for 18 years before taking up the Kumba post, arrives.
Cynthia Carroll, Chief Executive of Anglo American, said in a statement these leadership changes should help the company achieve its performance goals across the businesses portfolio in South Africa.
Platinum prices have dropped over 20% in the past year, to about $1,420 an ounce, driven by the weak demand coming from Europe’s car industry, which uses the metal in catalytic converters.
Anglo American is the world's largest producer of platinum.
The London-based miner posted results today for the second quarter, which show a production increase for its key commodities, with iron ore and copper helped by production ramp ups at the flagship Kolomela and Los Bronces mines; while platinum and diamonds were weaker.