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Johannesburg - Assore has appointed Charles Walters as its chief executive following Chris Cory’s retirement. Cory had worked for 28 years at the group.

The company said Walters was expected to take over the role from July 1. Walters is currently the chief executive of Invicta Group.

Assore’s board chairman, Desmond Sacco said: “I extend a warm welcome to Walters, and wish to thank Cory for his invaluable service and contribution to the company”.

Assore’s principal investment is a 50 percent interest in Assmang, which it controls jointly with African Rainbow Minerals (ARM). Assore announced it had acquired ARM’s 50 percent indirect share in the Dwarsrivier Chrome Mine Mpumalanga through Assmag for R450 million. With effect from July, Assore holds 100 percent ownership of Dwarsrivier.

Read also: Iron-ore miners face retrenchments

Assore recorded 16 percent increase in earnings to R1.49 billion for the year to June 30, 2016. However, headline earnings declined 11.7 percent to R1.7 billion, compared with R2 billion in the previous financial year. Revenue for the year fell from R3.4 billion in the corresponding period last year to R2.9 billion.

The company said the recent increases in iron ore prices attracted additional supply from higher cost producers and would add to the oversupply in the market.

Assor shares fell 2.27 percent yesterday to R210.93.

BUSINESS REPORT