Anglo American Platinum slides on surprise CEO exit plan

Published: 2023-02-15 tag: africa

JSE:BHG JSE:AGL JSE:AMS JSE:ANG JSE:N91 JSE:NY1 JSE:ETO

(Reuters) -Anglo American Platinum`s (Amplats) shares fell more than 5% on Wednesday after the South African miner said its CEO would step down next year to become operations chief at U.S.-based gold miner Newmont Corporation.

Feb 15 (Reuters) - Anglo American Platinum's (Amplats) (AMSJ.J) shares fell more than 5% on Wednesday after the South African miner said its CEO would step down next year to become operations chief at U.S.-based gold miner Newmont Corporation (NEM.N).

Natascha Viljoen, who has been at the helm of the world's biggest platinum group metals miner since April 2020, will continue as CEO until the completion of her 12-month notice period, Amplats said in a statement.

"While I have identified the next phase of my career, my commitment to delivering our clear objectives during this year is as firm as ever, beginning, of course, with keeping our people safe, every day," Viljoen said.

Amplats shares ended the day down 5.3% at their lowest level since the end of September.

Viljoen's departure comes as a surprise to the market, especially given her strong operational skills, said Unathi Loos, portfolio manager at Ninety One in Cape Town.

View 2 more stories

"Given the various operational challenges Amplats has faced over the last two years and the expansion challenges around Mogalakwena, it is concerning to see her leave now," Loos said.

A process engineer, Viljoen was group head of processing at Anglo American before her appointment as Amplats CEO. She has also held leadership roles at AngloGold Ashanti and was the general manager of Klipspruit Colliery, which was previously owned by global mining giant BHP (BHP.AX).

Amplats Board Chairman Norman Mbazima said the process to nominate Viljoen's successor was underway.

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.