London, England — MININGREVIEW.COM — 17 June 2008 – Arthur Ditto has tendered his resignation as president and CEO of Katanga Mining Limited for personal reasons. His resignation will become effective as of 10 July 2008.
The company announcement revealing Ditto’s resignation added that he had offered to continue in his role beyond this date in order to assist the board with an orderly transition of responsibility to a new CEO.
Pursuant to the Merger Implementation Agreement, Glencore Finance (Bermuda) Limited – a major shareholder in the company – has the right to nominate a replacement CEO for consideration by the Katanga Board of Directors upon acceptance of Ditto’s resignation.
The announcement said the board had been informed that Glencore had identified a prospective candidate to replace Ditto, and that the candidate would be considered by the nomination committee prior to the board’s final decision. A further announcement would be made in due course.
Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo (DRC) 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.