Katanga Mining Appoints Interim CEO and COO
LONDON, UNITED KINGDOM–(Marketwire – Oct. 2, 2008) – Katanga Mining Limited (TSX:KAT) (“Katanga” or the “Company”) announces the appointment of Steven Isaacs as interim Chief Executive Officer (“CEO”) and Tim Henderson as interim Chief Operating Officer (“COO”), with immediate effect.
Mr. Isaacs, currently Managing Director of Glencore Finance AG, a division of Glencore International AG (“Glencore”), replaces President and CEO Arthur Ditto who announced his retirement in June. Mr. Henderson, the current Executive Director of Operations for Glencore in Africa, is joining as COO, a new interim role at Katanga, to oversee the project and operations teams.
Both Mr. Isaacs and Mr. Henderson are on secondment while Katanga’s Board of Directors continues its rigorous process of searching for and appointing a permanent CEO. While seconded, Mr. Isaacs and Mr. Henderson will relinquish their responsibilities at Glencore and dedicate their entire efforts to Katanga.
The Company also announces that as a result of certain contractual entitlements triggered by the retirement of Art Ditto, Stephen M. Jones and Al Schoening have tendered their resignations as Senior Vice President and Chief Financial Officer and Senior Vice President Corporate Affairs respectively. Both Steve and Al will be remaining with Katanga until December 9 and 15 respectively to ensure a transition of responsibilities, the completion of some key projects and the continued progress of the project financing currently underway.
Hugh Stoyell, Non-Executive Chairman of Katanga, commented: “Steven and Tim both have impressive track records in the mining industry in Africa and around the world. We are fortunate to be able to call on two experienced individuals to assist us not only with the day-to-day operations but also focus on the long-term prospects for Katanga.
“Replacing someone with Art’s unique experience is not an easy process. He has been a pioneer in the DRC’s mining industry and an excellent visionary for Katanga. We want to thank him for his leadership and commitment to this Company since its inception, and wish him well in his retirement. We would also like to thank Steve Jones and Al Schoening for their valuable contributions to the Company”
Notes to editors:
Mr. Isaacs has extensive experience in the copper and nickel industries and has been in senior management at Glencore for 13 years, where he has been involved in acquiring and financing some of the company’s largest mining projects in Africa and Asia Pacific, including the landmark Murrin Murrin / Minara nickel project, a multi-billion dollar joint venture in Australia. He also led the internal group that acquired and managed the initial ramp-up of Mopani Copper Mine.
Mr. Henderson has over 33 years experience in the mining industry, having worked with Glencore since 1998, assuming the role of CEO at the Mopani Copper Mine in Zambia in 2002. Over the last year, he has been responsible for all of Glencore’s base metal mining, metallurgical and exploration activities in Zambia and the Democratic Republic of Congo (“DRC”), including completing and implementing the feasibility study for Mutanda y Mukonkota Sprl in the DRC.
Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The company has the potential to become Africa’s largest copper producer and the world’s largest cobalt producer, with a targeted annual output of over 300,000 tonnes of refined copper and over 30,000 tonnes of refined cobalt by 2011. Katanga is listed on the Toronto Stock Exchange under the symbol KAT.
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