Rewind

Finweek English Edition - - INSIGHT - David McKay

One re­ported in­ci­dent was trig­gered af­ter Good­lace had al­legedly skipped the farewell of another long-time ser­vant of the com­pany, the com­bat­ive Bob Gil­mour, who had oc­cu­pied the com­pany’s in­vestor re­la­tions brief, but had de­cided re­cently to leave the com­pany. It led to an in­ci­dent, f uelled by al­co­hol, and words were ex­changed...

Jo­han Theron, head of cor­po­rate re­la­tions at the com­pany, told Fin­week that re­cent events at Implats were not ex­tra­or­di­nary given the pres­sure that the en­tire plat­inum sec­tor was un­der. “We’re go­ing through a dif­fi­cult re-align­ment process in Rusten­burg,” he said. “It’s cer­tainly hot in the kitchen.”

Not­with­stand­ing this, there has been no re­bel­lion against Good­lace. The strat­egy to im­prove mine safety, in­vest in the ore­bod­ies, and re­store Implats’ key Lease Area mi n e to pro­duc­tion f ig ures of 850 000 ounces/year by 2018, while build­ing the 20, 16 and 17 shafts, con­tin­ues undis­turbed.

Dunne elected to re­sign. For its part, Implats said it was work­ing on a re­place­ment for a head of op­er­a­tions for Rusten­burg.

If any­thing, the news of un­quiet at Implats is in­evitable; pos­i­tive, even.

Good­lace has been at the com­pany for a year and is slowy mak­ing the al­ter­ations in both op­er­at­ing prac­tices and hu­man cap­i­tal that he thinks are re­quired, es­pe­cially in deal­ing with his ma­jor crit­i­cism of the com­pany that it had lit­tle de­vel­op­ment of its ex­ist­ing mines which led to a lack of min­ing f lex­i­bil­ity.

An an­a­lyst said: “Per­haps Dunne car­ried re­spon­si­bil­ity for un­der-in­vest­ing in short-term min­eral re­serves. Peo­ple were com­ment­ing on the prob­lems that the com­pany faced, longer-term capex projects were well ad­vanced but in the in­terim they were fac­ing se­ri­ous prob­lems.”

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