Johannesburg, South Africa — 06 September 2013 – The next challenge facing John Wallington “’ former CEO of Anglo American Coal and subsequently CEO of embattled mining junior Coal of Africa Limited (CoAL) “’ will be to run controversial coal miner Miranda Minerals.
Miranda owns several coal assets and projects, mainly in KwaZulu-Natal, which it has been trying to develop without much success since about 2008. Wallington has been appointed MD of Miranda with effect from November 1 where he will team up with serial mining entrepreneur Rudolph de Bruin, who was appointed a non-executive director on August 16, reports BDlive.
Wallington could not be reached for comment.
de Bruin said: “John and I will be a team. Essentially, I will find the deals and he will vet them. You have to have somebody with John’s kind of experience in the coal business to make it work.”
de Bruin is a material shareholder in Incubex, which rescued Miranda from the morass that it had become bogged down in last year when trading in the stock had to be suspended after a boardroom feud that threatened the firm’s financial viability. At the end of August last year, Incubex held a 15.5% stake in Miranda.
Source: BDlive. For more information, click here.