Tawanda Karombo
KALAA Mpinga, the Mwana Africa strongman, has left the Pan African mining group, having helped found and develop it into a London AIM-listed junior, following wrangles over composition of the company’s board.
Some of Mwana’s assets include one of Zimbabwe’s biggest gold mines and Africa’s only integrated nickel producer, Bindura Nickel, which runs a mine, smelter and refinery.
The company did not give a reason for the departure of Mpinga, who founded the company in 2003 and has been its chief executive since, but said the terms of his departure were yet to be finalised and agreed to by both parties.
Mpinga had hoped that the boardroom squabble would be resolved speedily to allow the company to focus on running its operations in Zimbabwe.
Some minority shareholders had asked for an extraordinary general meeting to remove Mwana’s chairman and three members of the board.
But an extraordinary general meeting on Tuesday sealed his exit from the company when proceedings failed to go his way, with his allies being ejected from the board.
On Wednesday morning, Mwana Africa announced the “departure of Mr Kalaa Mpinga as chief executive of the company with immediate effect”.
New beginning
It added that the conclusion of disagreements over the board composition marked a new beginning for the company although it was not immediately clear if there was to be a change of focus and strategy for the group.
Mpinga’s departure from Mwana Africa has been met with raised eyebrows in Zimbabwe although it had largely been anticipated.
Mining executives in Zimbabwe said Mpinga’s leadership and knowledge of Africa’s mining scene had been crucial in building up the company.
“Kalaa knew that his future was to be determined by the actions of the Chinese shareholders and it has come as no surprise. Essentially, this is a takeover that was so well crafted it was guaranteed to sail,” one mining executive said on Wednesday.
A chief executive with a South African-owned mining group said on Wednesday that the company would be a ”completely different entity” with a new culture.
Mpinga founded Mwana Africa 12 years ago, buying assets previously owned by Anglo American and other firms, and developed its asset portfolio and focus to encompass gold and nickel in Zimbabwe and copper in the Democratic Republic of Congo.
“With these recent changes to the board having now taken place, it marks a clear new beginning for Mwana and its shareholders, and we are confident that we have all the necessary qualities and experience to deliver success in the future,” Mwana Africa said.
Yat Hoi Ning, formerly the interim non-executive chairman, is now executive chairman for the company while non-executive director, Scott Morrison, becomes senior non-executive director.
Following Mpinga’s departure, the company’s nominations committee will embark on a hunt for a new chief executive to replace Mpinga. – W ith additional reporting by Reuters