MC Mining shares were up 2.9% to 6.1p in late afternoon trading on Friday, after the company reported the resignation of executive director Sam Randazzo.
Randazzo has reportedly agreed to stay on as interim CEO of the company while the MC Mining board looks for his replacement.
The former executive director joined the mining group in November 2019 as a non-executive director, before rising to interim CEO and executive director from February 2021.
Randazzo’s time in the position included the successful stabilisation of MC Mining’s portfolio during a turbulent and challenging time for the firm due to social unrest in South Africa, causing trouble for its operations in the region.
The additional highlights over his tenure included diligent cash management, successful negotiations to extend company debt facilities and vendor payments, alongside the conclusion of a $5.7 million funding package announced by the company on 1 February 2022.
Randazzo also initiated and directed a bankable feasibility study carried out for the group’s Makhado hard coking coal project, and conducted talks with a selection of potential key cornerstone financers for the venture.
“On behalf of the Board I would like to thank Mr Randazzo for his significant contributions as Executive Director,” said MC Mining chairman Khomotso Mosehla.
“Mr Randazzo agreed to serve in this role during a challenging time and has successfully guided MC Mining during difficult business conditions.”
“He has been instrumental in setting the foundation for the Company to complete a funding package for the development of the Makhado Project. The Board is very grateful for his commitment.”