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26 Jun 2024 07:00
26 June 2024
Kazera Global plc
("Kazera" or "the Company")
Board Changes
Kazera Global plc (AIM: KZG), the AIM-quoted investment company, announces that Gerard Kisbey-Green is stepping down from his role as Non-Executive Chairman of the Company to pursue other interests. His resignation becomes effective on 25 September 2024 when it is intended that Dennis Edmonds, Chief Executive Officer of Kazera, will assume the role of Chairman alongside his current role.
Dennis Edmonds, CEO of Kazera Global plc, said: "On behalf of the Kazera board, I extend our thanks to Gerard for his dedication to the Company since his appointment as Non-Executive Chairman in 2022; his leadership and expertise have been invaluable during his tenure, guiding us through significant milestones and challenges. As Gerard embarks on his new venture, we wish him every success."
Gerard Kisbey-Green commented: "With Kazera's Diamond and Heavy Mineral Sands operations on the verge of generating cashflows, I had hoped to continue in this role for some time longer. Sadly, other personal interests have become increasingly time consuming, and I feel that it is right that I now step aside as Chairman of Kazera. I would like to thank the Kazera team for its help and support over the past two years and look forward to following the Company's success going forward."
**ENDS**
Kazera Global plc Dennis Edmonds, CEO | kazera@stbridespartners.co.uk
|
Cavendish Capital Markets Ltd (Nominated Adviser and Broker) Derrick Lee / Pearl Kellie (Corporate Finance)
| Tel: +44 (0)207 220 0500 |
St Brides Partners (Financial PR) Paul Dulieu / Isabel de Salis | kazera@stbridespartners.co.uk
|
About Kazera Global plc
Kazera is a global investment company focused on leveraging the skills and expertise of its Board of Directors to develop early-stage mineral exploration and development assets towards meaningful cashflow and production. Its three principal investments are as follows:
Alluvial diamond mining through Deep Blue Minerals (Pty) Ltd, Alexander Bay, South Africa
Kazera currently has a 90% direct interest in Deep Blue Minerals, of which 64% is held beneficially by Kazera and 26% is held on behalf of Black Economic Empowerment partners.
Heavy Mineral Sands mining (including ilmenite, monazite, rutile, and zircon) through Whale Head Minerals (Pty) Ltd, Alexander Bay, South Africa.
Kazera currently has a 60% direct beneficial interest in Whale Head Minerals.
Tantalite mining in South-East Namibia (divestment in progress)
As announced on 20 December 2022, Kazera has agreed to dispose of African Tantalum (Pty) Ltd ("Aftan") for a cash consideration of US$13 million plus a debenture payment of 2.5% of the gross sales of produced lithium and tantalum for life-of-mine. Completion of the sale is subject to receipt of full consideration proceeds. Aftan has been deconsolidated from the Company's financial statements with effect from 4 January 2023 because in accordance with the terms of the sale agreement, it has relinquished control of the Aftan in favour of the purchaser, Hebei Xinjian Construction Close Corp ("Hebei Xinjian") with effect from that date. Kazera retains the right to cancel the transaction and retain all amounts paid to date in the event of default by Hebei Xinjian.
The Company will consider additional investment opportunities as appropriate, having regard to the Group's future cash flow requirements.
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