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RNS Number : 9234S
Sylvania Platinum Limited
09 November 2023
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The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse regulation (EU) no.596/2014 as amended by the
Market Abuse (Amendment) (EU Exit) Regulations 2019.
9 November 2023
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Appointment of New Chair
Sylvania (AIM: SLP) the platinum group metals ("PGM") producer
and developer with assets in South Africa, today announces that
Stuart Murray will step down as Chairman of Sylvania with effect
from 31 December 2023. After a decade of service as Non-Executive
Chairman, Stuart has decided to step down from his position to
focus more time on his other business interests.
During Stuart's tenure as Chairman, the Company has achieved
several significant milestones, the most important being Project
Echo which has delivered a doubling of production and extended the
operational life of the PGM operations by many years. In addition,
the balance sheet has not only been significantly strengthened but
the share register has been tightened with a reduction of shares
and options in issue from 310 million in 2013 to the current level
of 263 million. This was delivered through several share buybacks
and a concerted effort to tidy the register following the ASX
de-listing. A further highlight has been the payment of total
dividends of 28 pence per share since the maiden dividend declared
in 2018. The establishment of the recently announced joint venture
("JV") between Sylvania Metals (Pty) Limited and Limberg Mining
Company Limited, known as the Thaba JV, caps this tenure.
The Board has voted unanimously to appoint Eileen Carr,
currently Non-Executive Director and Chair of the Audit Committee,
as the Chair of the Board when Stuart steps down. Eileen brings a
wealth of experience to her new role, with over 35 years of
professional expertise within the global resources sector. She has
a track record of leadership in executive roles having served as
CFO at both Cluff Resources and Monterrico Metals PLC. Eileen has
previously been a Non-Executive Director at Banro Corp and Bacanora
Lithium PLC, and is currently Non-Executive Chair of Oriole
Resources PLC.
Following the above changes, the Board will comprise the Chair
(Independent Non-Executive), the Group CEO and CFO, and two
Independent Non-Executive Directors.
Stuart Murray, the outgoing Chairman, commented,
"While there is never an opportune moment to relinquish the
position of Chairman, I do so with the confidence that the Company
is in good health and well positioned within the current PGM market
environment. It's an understatement to say that this is an
exceedingly exciting phase for the Company; we have an exceptional
team in place, poised to deliver on the Thaba JV and other
initiatives. Looking back over more than 10 years, I'd like to take
this opportunity to express my deep appreciation to those I have
worked alongside, in particular the talented and dedicated Sylvania
team. I extend my warmest wishes to Eileen and the entire team, and
I eagerly anticipate following their progress in the coming
years."
Eileen Carr, the incoming Chair and current Non-Executive
Director of Sylvania, added,
"First and foremost, I want to extend my heartfelt gratitude to
Stuart for his invaluable contributions during his tenure at
Sylvania. He leaves the Company in an exceptionally sound financial
and operational position, at a stage that holds the potential for a
transformative leap as we embark on our maiden chrome production
venture. I am truly delighted to take on the role of Chair of
Sylvania and look forward to building on the remarkable legacy that
Stuart leaves behind. I'm excited to collaborate closely with the
team as we set our sights on the future."
Jaco Prinsloo, Chief Executive Officer of Sylvania, added,
"I want to express my sincere appreciation for Stuart's
leadership, dedication, and significant contributions to Sylvania
over the years. He guided the Company through some difficult times
and we're truly grateful for the lasting legacy he leaves behind
and wish him well in his future endeavours. Rest assured, we remain
resolute in our commitment to our mission and the prosperity of the
Company. We have a well-defined path forward and a formidable team
in place to navigate this transition. I have complete confidence in
our collective ability to build upon our past successes.
"On behalf of the Board, I extend our warmest congratulations to
Eileen on her appointment as Chair and eagerly anticipate working
under her guidance. She is a well experienced Board member that has
intimate knowledge of the Company and management team, and her
forward-thinking leadership, expertise, and steadfast commitment
align perfectly with the Company's values and objectives. Under
Eileen's stewardship, I am confident that we will not only continue
to innovate but also experience sustained growth and success."
CONTACT DETAILS
For further information, please
contact:
Jaco Prinsloo CEO
Lewanne Carminati CFO +27 11 673 1171
Nominated Adviser and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Scott Mathieson
/ Kane Collings
Communications
BlytheRay +44 (0) 20 7138 3205
Tim Blythe / Megan Ray sylvania@BlytheRay.com
CORPORATE INFORMATION
Registered and postal address: Sylvania Platinum Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal address: PO Box 976
Florida Hills, 1716
South Africa
Sylvania Website : www.sylvaniaplatinum.com
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group
metals (PGM) (platinum, palladium, and rhodium) with operations
located in South Africa. The Sylvania Dump Operations (SDO)
comprises six chrome beneficiation and PGM processing plants
focusing on the retreatment of PGM-rich chrome tailings materials
from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry.
Additionally, the Thaba JV comprises chrome beneficiation and PGM
processing plants, treating a combination of ROM and historical
chrome tailings from the JV partner, adding a full margin chromite
concentrate revenue stream. The Group also holds mining rights for
PGM projects in the Northern Limb of the Bushveld Complex.
For more information visit https://www.sylvaniaplatinum.com/
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Jaco Prinsloo .
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END
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