(Alliance News) - Sylvania Platinum Ltd on Thursday said its chair will step down at the end of the year, promoting a non-executive director as successor.
The platinum group metals producer and developer with assets in South Africa said Stuart Murray will step down as non-executive chair on December 31 after ten years in the role.
Sylvania Platinum said the board voted unanimously to appoint Non-Executive Director Eileen Carr as Murray's successor, saying she brought a wealth of experience to the role, including over 35 years of professional expertise within the global resources sector.
"During Stuart's tenure as chairman, the company has achieved several significant milestones, the most important being Project Echo which has delivered a doubling of production and extended the operational life of the platinum group metals operations by many years," said Sylvania Platinum.
"In addition, the balance sheet has not only been significantly strengthened but the share register has been tightened with a reduction of shares and options in issue from 310 million in 2013 to the current level of 263 million. This was delivered through several share buybacks and a concerted effort to tidy the register following the ASX de-listing."
Outgoing Murray commented: "While there is never an opportune moment to relinquish the position of chairman, I do so with the confidence that the company is in good health and well positioned within the current PGM market environment. It's an understatement to say that this is an exceedingly exciting phase for the company; we have an exceptional team in place, poised to deliver on the Thaba [joint-venture] and other initiatives."
Shares in Sylvania Platinum were down 3.0% to 65.50 pence each in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Sylvania Platinum (SLP)