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Pan African Resources announces new CEO and financial director

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Staff writer | London, United Kingdom | September 9, 2013
Pan African ResourcesSeptember 9, 2013, London, United Kingdom - Pan African Resources, a precious metals and mining company, appointed Ron Holding, currently Pan African's interim joint CEO, as a director and its CEO.
Mr. Holding has been intricately involved with all Pan African's operations since 2009 as Chief Operating Officer, until his appointment as Joint Interim CEO in March this year. Mr. Holding commenced his mining career in 1973 with Gencor and has since occupied a number of senior positions, with exposure to the various stages of developing and mining mineral deposits. In addition to deep level gold mining, his vast experience includes the mining of platinum, diamonds and copper.

Shareholders are further advised that Busi Sitole has resigned as the Financial Director of Pan African with effect from 30 September 2013.

Ms. Sitole has been appointed as Chief Financial Officer of Pan African Resources Plc with effect from December 14, 2011. She is a qualified Chartered Accountant (SA) who has worked as the Finance Executive for Pan African for the past eight months. She joined the Shanduka Group in 2007, where she was responsible for sourcing, executing and monitoring private equity investments, which also involved capital raisings.

Ms. Sitole was previously employed as a Financial Manager at Rand Merchant Bank’s Treasury Agency Business, and prior to that as a New Treasury Products Marketer at Absa Capital. She completed her three years of articles as a Trainee Accountant and was thereafter employed as a Finance Manager in Standard Bank’s Structured Finance division.

She completed her BCom at the University of Cape Town and her Bcom Honours Degree at the University of Natal. In the past five years, Ms. Sitole has also been a director of the following companies: Wonderstone (Pty) Ltd, Incwala Resources (Pty) Ltd, Incwala Platinum (Pty) Ltd.

Cobus Loots will assume the role of Financial Director of the Company from 1 October 2013.

Mr. Loots, a Pan African director since 2009, is currently the Managing Director of Shanduka Resources, which position he will vacate. Mr. Loots is a Chartered Accountant (SA) and also a CFA Charterholder. He was also previously the Financial Director of Pan African. He worked in Investment Banking with Macquarie Africa prior to holding positions with Shanduka Coal and Sentula Mining. He became a Principal at Shanduka Resources in 2008. He is also a Certified Financial Analyst.

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