Strong Board of Directors Announced for Bauba Platinum
Johannesburg, 18 May 2010: Absolute Holdings (“the Company”), soon to be renamed Bauba Platinum Limited, is pleased to announce a reconstituted board of directors to lead the Company’s new platinum group metals (“PGMs”) growth and development initiatives.
This is in accordance with the announcement on 15 February 2010, and with reference to a detailed terms announcement on 17 May 2010, in which the Company has proposed the acquisition of an effective 60% controlling interest in certain assets that will transform it into a junior miner and explorer with its primary focus being on a PGM resource base, known as the Bauba Project.
The proposed new board of directors has extensive industry experience and is well positioned to realise the full potential offered by the Bauba Project.
The proposed board is:
Jonathan Best (Independent Non-executive Chairman);
Pine Pienaar (CEO);
Mark Rosslee (FD);
Kenneth Dicks (Independent non-executive director);
Sholto Dolamo (Independent non-executive director); and
Dr Mathews Phosa (Non-executive director).
The Chief Executive Officer, designate, Pine Pienaar, commented: “I am exceptionally pleased that we have managed to secure board members of such calibre, comprising individuals with vast skills and experience, to steer the Company toward becoming a successful developer of what is shaping-up to be a quality platinum asset.”
The board appointments are subject to the approval of shareholders at the Company’s General Meeting, which is to be held on 7 June 2010.
NOTE TO EDITORS:
Herewith biographical details of the new board of directors of the Company:
Pine Pienaar (CEO)
Pine is a Chartered Accountant (CA(SA)) with 15 years experience in the mining industry. He was CEO of Mvela Resources from May 2005 – 2009. His previous directorships include Gold Fields South Africa, Trans Hex, Northam, Anglovaal Mining (Avmin), ERPM and Grootvlei Gold Mining. Before taking up his position with Mvela Resources, he was the executive responsible for new business at Harmony Gold Mining Company (Harmony). He also served for a time as the operations executive of Harmony’s Free State operations.
Mark William Rosslee (Financial Director)
Mark is a Chartered Accountant with 18 years experience in the mining industry. Mark is a CA(SA), with a Certificate in Mining Tax and holds a Graduate Diploma in Mining Engineering. He previously held the position of Chief Financial Officer and Director of Central African Gold, having held similar positions with Metallon Gold, Southern Era Diamonds and Southern Platinum Limited. He has gained extensive experience in the mining industry with the De Beers group at both a corporate and operational level over a period of 12 years. Until recently he was chief financial officer of Braemore Resources.
Jonathan Best (Chairman)
Jonathan has over 40 years experience with companies associated with the mining industry. He brings strong mining industry and financial expertise from his previous roles as Chief Financial Officer and Executive Director of AngloGold Ashanti. He currently holds additional board positions: non-executive independent director and Chairman of the Audit Committee of JSE Polymetal, a Russian-based mining company listed on the LSE, and non-executive independent director and member of the Audit Committee of Metair Investments.
Kenneth Dicks (Independent Non-Executive)
Kenneth has 39 years’ of experience in the mining industry mainly in the Anglo American group. He has served on the boards of mining companies such as Freegold, Western Deep Levels and Kusasalethu. He is also a non-executive director of Harmony Gold and Gold One International.
Sholto Dolamo (Independent Non-Executive)
Sholto is currently employed by RMB and holds the following qualifications – BSc Chemistry, BTech Ceramics Science, MSc Materials Engineering, MBA (GIBS). He had 10 years experience within the mining and manufacturing industry. This includes six years as a research scientist / engineer for De Beers’ research laboratory, where he was instrumental in developing a variety of new materials and technologies for applications in both open-pit and underground operations, in rock drilling and cutting. Prior to joining RMB, Sholto was involved in resource fund asset management at Stanlib and before that, he was head of Lonmin Platinum’s research and development for the precious metals refinery.
Dr Nakedi Mathews Phosa (Non-Executive Director)
Dr Phosa, an attorney by profession and recently non-executive chairman of Braemore Resources, is a leading figure in South Africa’s business and political world. He served as Premier of Mpumalanga from 1994 to 1999 where he pioneered planning interaction between the private sector and government. He serves on the National Executive Committee of the ANC, is Treasurer General of the ANC and currently holds chairman, vice-chairman and board member duties in a number of prominent South African companies.