S.Africa coal miner Thungela names De Beers' Madondo as new CEO (updated)
21/01/2025 08:29
(Adds details, background from paragraphs 2-7)
Jan 21 (Reuters) - Thungela Resources TGAJ.J has
picked De Beers executive Moses Madondo to replace July Ndlovu,
who is retiring from Aug. 1, the South African thermal coal
exporter said on Tuesday.
Thungela said in a statement Madondo is taking over from
Ndlovu, who will reach the age of 60 years in July and has to
step down according to the company's retirement policy.
Ndlovu, an engineer, has been at the helm of Thungela, which
mines coal burned in power stations, since it was spun off from
Anglo American in 2021. Prior to that he had headed the Anglo
coal division.
He steps down as South African coal producers including
Exxaro Resources and Glencore struggle with a failing rail
network system that is affecting shipments of the fossil fuel to
ports for export.
Madondo, who is currently CEO of De Beers' Managed
Operations - the diamond giant's operations in South Africa and
Canada - was chosen after a "comprehensive selection process",
Thungela said.
He joins Thungela as the coal producer is expanding its
operations in Australia in a bid to lessen volume losses in
South Africa where the lack of sufficient rail capacity has hit
income.
South Africa's state-owned port and rail operator Transnet
is struggling to provide adequate logistics services due to
equipment shortages, cable theft and vandalism of
infrastructure.
(Reporting by Nelson Banya, Additional reporting by Felix
Njini; Editing by Louise Heavens and David Evans)
((Nelson.Banya@thomsonreuters.com;))