Phaswana To Chair Angloplat
Angloplat appoints first black chairman
Anglo Platinum (Angloplat), the world's largest producer of the metal, announced yesterday that Fred Phaswana had become its first black chairman.
Phaswana (61) replaces Barry Davison. He is a non-executive director of Naspers and the chairman of Anglo American South Africa, Transnet and Ethos Private Equity.
He has worked for BP in a number of countries in both Africa and Europe since the 1960s. From 1999 to June 2002 he was BP's regional president for Africa. Before that he was a director of BP Oil (Benelux) and associate president of BP Netherlands (1992), as well as the chairman and chief executive of BP Southern Africa (1995).
Phaswana said Angloplat was well positioned in the platinum mining industry with exciting growth prospects and was a key component of Anglo's global growth.
Platinum group metals were unique products that could be manufactured into jewellery and used to reduce emissions and pollution, he added.
Davison will retire at the end of the year after 33 years with Anglo, including 18 years at the group's platinum mining interests. He retired as an Anglo executive director at the end of last year. Anglo has a 74.9 percent stake in Angloplat.
Davison was Angloplat's chief executive from 1998 to 2001 before becoming executive chairman in 2001. As the head of Angloplat, he failed to deliver on the group's expansion plans.
In May 2000 Davison said the group would invest $2.1 billion (R15.3 billion) to produce 3.5 million ounces of platinum by 2006. However, the group fell behind the pace needed to achieve this target and costs spiralled. Angloplat said that platinum production for this year would be between 2.7 million and 2.8 million ounces.
Angloplat hired Ralph Havenstein from Sasol in July 2003 to turn around its poor expansion and cost performance, and Davison became the non-executive chairman. Davison was one of four representatives from the Chamber of Mines who were part of the negotiations with the South African government and other parties that led to the mining charter being finalised in 2002.
The other three chamber representatives were Kumba Resources chief executive Con Fauconnier, AngloGold Ashanti chief executive Bobby Godsell and Harmony Gold chief executive Bernard Swanepoel.