Sello Moloko. Photo: Thesele Group.

CAPE TOWN  -  Sibanye-Stillwater on Wednesday announced the resignation of its board chairman Sello Moloko who will be replaced by Vincent Maphai.

In a statement, the precious metals mining company said Moloko resigned "in order to focus on his other responsibilities and the ongoing development of the Thesele Group, which he founded in 2005."

His resignation will only come into effect on September 30.

"It has been my privilege to lead and participate in the evolution of Sibanye-Stillwater, from its humble beginnings six years ago, into the unique, globally diversified precious metals company of today," Moloko is quoted as saying.

"Having overcome some significant challenges in the last 18 months, and with the successful conclusion of the shareholder vote to approve the Lonmin acquisition yesterday, I feel confident that the Group is poised to deliver on its vision of creating superior value for all of our stakeholders and believe that this is an opportune time to hand the Chairman's baton on."

Retired academic Vincent Maphai will join Sibanye from June 1 as chairman designate.

Maphai was until recently visiting professor at William College in Massachusetts. He also served as South African Breweries corporate affairs and transformation director.

He served on the National Planning Commission and the Presidential Review Commission.

- African News Agency (ANA)