JOHANNESBURG – Junior coal mining company Wescoal on Friday said it had appointed Reginald Demana, a mining and resources specialist, as group chief executive officer from April 1.
Demana, who holds mining engineering degrees, has over 20 years’ working experience, with the latter 14 years at the forefront of investment banking at Nedbank, focusing on mining advisory.
"Demana has over the past five years acted as a lead corporate advisor to Wescoal, giving him a keen insight into the company and its operations," the coal producer said.
It said he had advised Wescoal on the acquisition of Keaton Energy, a black economic empowerment transaction which saw Wescoal becoming majority black-owned.
Recently, Demana was also involved in Wescoal’s participation, along with Ata Resources Coal Investments, in the proposed acquisition of the entire issued share capital of Universal Coal Plc.
"The board believes that, given his background and lead advisor role to Wescoal over the years, Demana will transition into the role of group CEO quickly and that he will continue to implement the company’s growth strategy currently in place," Wescoal said.
It said the board had elected Humphrey Mathe, who has been acting CEO, as incoming chairman from July 1 and that incumbent Muthanyi Ramaite would continue to serve as a non-executive director.
Mathe would hand over executive responsibilities during April and thereafter continue to work closely with Demana and executive management until June 30 in order to assist with the finalisation of the integration of all the group’s businesses into an efficient operating structure, Wescoal said.
African News Agency (ANA)