KUMBA Iron Ore said its CFO of eight years Bothwell Mazarura is to step down from end-December after serving a six month notice period.
He will be replaced by Xolani Mbambo, currently CEO of Grindrod Ltd, a logistics and shipping company. Mbambo is a chartered accountant with over 20 years of experience in mining, logistics, and finance. He was previously employed at Anglo.
Mazarura’s departure from Kumba comes amid other changes in the executive of parent company Anglo American which owns about 71% of the iron ore miner.
On June 18, Anglo announced a streamlining of its top executive structure signalling the departure of Themba Mkhwanazi, regional director for Africa and Australia in favour of a single COO, Ruben Fernandes. The regional business heads, including Kumba CEO Mpumi Zikalala, will report to the COO.
Commenting on his departure, Mazarura said: “We have continuously delivered solid results, and I am proud of our collective accomplishments”.
“Under his financial stewardship, Kumba has delivered strong operational and financial results but also advanced our sustainable mining strategy,” said Zikalala.
In February, Kumba declared a final dividend of R19.90 per share for the 12 months ended December taking the total cash payout for its 2025 financial year to R38.67 per share – all of its earnings. This is despite reporting a 45% year-on-year decline in basic earnings, largely owing to a decline in the iron ore price.
