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Anglo’s SA head resigns

Kunene Dlamini,
who has reigned as
head of Anglo American’s
South African unit
Johannesburg, South Africa — MININGREVIEW.COM — 17 July 2009 – Kunene Dlamini “’ the head of Anglo American plc’s South African unit “’ has resigned to join Old Mutual Plc, the second departure of a black executive from the post in four years.

Dlamini will be head of the insurer’s South African operation, replacing Paul Hanratty who has been appointed CEO of Old Mutual’s long-term savings unit.

“His departure was motivated by the opportunity of his new job,” Anglo spokesman Pranill Ramchander told Bloomberg News in an interview from Johannesburg.

“Questions will be asked as to why he left,” said Patrice Rassou “’ who helps manage about R240 billion rand of assets, including Anglo shares, at Sanlam Investment Management in Cape Town “’ said in a telephone interview. “He will need to be replaced quickly,” he added.

There may be a perception that the post is more of a ceremonial title than a job with decision-making powers,” Rassou said. Lazarus Zim “’ the first black appointed as Anglo’s South African head “’ resigned in 2006 after holding the position for just over a year.

Bloomberg News reports that Anglo is the largest investor in South Africa’s mining industry, and is among companies under pressure from the government to boost black representation in senior management. The company “’ which moved its headquarters to London from South Africa in 1999 “’ appointed John Parker, a Briton, as chairman last week. South Africa’s mines minister had called earlier for a black South African to take the post.

“As a shareholder it is concerning to see Anglo American not keeping hold of its good South African talent,” said Simon Hudson-Peacock, “’ head of equities at Cadiz Asset Management, which oversees the equivalent of $6.2 billion (R50 billion in assets “’ in an interview from Cape Town.