Gold Fields, the world’s sixth-largest gold miner, has named former head of KPMG SA’s board, Yunus Suleman, as its new chair with effect from the beginning of June 2022
Suleman will succeed Cheryl Carolus, who has been chair since 2013. That was the same year the group hived off three deep-level, labour-intensive mines in SA to create Sibanye-Stillwater, leaving it with South Deep in SA and a large international footprint, including in Australia, Ghana and Peru.
Suleman has been on the Gold Fields board since September 2016, and chair of its audit committee since May 2017. He is also on the boards of Liberty Holdings, Liberty Group and Tiger Brands, according to Gold Fields’s website.
“I am honoured to be handing over the chair of the board to someone of the calibre of Mr Suleman, who has been an integral part of the refreshing of the board in recent years,” Carolus said.
She took up her position when Gold Fields was shifting its strategy from being a “top four” gold producer to being a more focused, midtier mining company, having hived off some of its more mature assets. The new approach of only pursuing the most promising projects and exploration properties entailed the group focusing more on its cash flow, rather than just production.
Gold Fields recently got a new CEO, Chris Griffith, who took over the top job from long-time CEO Nick Holland in April.
The group has affirmed its commitment to South Deep, its last remaining asset in SA. Although the asset has a troubled loss-making history, it appears to have turned the corner, being cash positive for the past two years with signs of continued improvement.
In afternoon trade on Thursday, Gold Fields shares were trading 4.01% lower at R130.02, with peers Sibanye-Stillwater and Harmony Gold down 4% and almost 6% respectively.
With Lisa Steyn
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.