MC Mining says appointment of full time CEO in the works

MC MINING has named board member Sam Randazzo as its acting CEO with effect from February 15, said BusinessLive.

Randazzo replaces Brenda Berlin, the group’s former CFO, who became acting CEO in February 2020 after the departure of David Brown.

Randazzo is chair of the group’s audit and risk committee and a member of Chartered Accountants Australia and New Zealand.

“He has over 25 years’ experience in the mining industry and has completed numerous capital-raisings,” MC Mining said, adding he has had roles as CEO, CFO, as well as on the board of a number of resource companies.

“The process to recruit a permanent CEO is at an advanced stage and the board anticipates that this will be completed in the near future,” said MC Mining chairman, Bernard Pryor, in a statement.

MC Mining announced last week that the Industrial Development Corporation, a South African financial development institution, had agreed to extend the deadline for repayment of R160m extended to MC Mining.

MC Mining said it will have until July to repay the first installment on the outstanding loan, originally provided in order to finance the permitting and licensing of its two million ton a year thermal and metallurgical coal project, Makhado.

Thereafter, the loan will be extended in order that repayment is aligned with operating cash flow produced by Makhado. In the event that the parties fail to agree to an extension, the loan will be converted into equity.