* Platinum sector rocked by deadly unrest, weak demand
* Nel is sector’s third new CEO this year
JOHANNESBURG Nov 5 (Reuters) – World no. 4 platinum
producer Aquarius Platinum said on Monday it
has appointed a new chief executive, the latest management
shakeup in a sector crippled by labour unrest and falling
profits.
Jean Nel, formerly the company’s chief operating officer,
replaces industry veteran Stuart Murray, who became the third
boss of a major platinum producer to step down this year when he
resigned in October.
Aquarius, which gets most of its platinum from South Africa
but also mines in Zimbabwe, was one of the first major platinum
miners to scale back activities because of low prices and
violence stemming from a bloody union turf war between the
dominant National Union of Mineworkers and the upstart
Association of Mineworkers and Construction Union (AMCU).
The company shut its South African Everest mine in June,
citing labour infighting, with the loss of 2,000 jobs. It also
closed its unprofitable Marikana joint venture with Anglo
American Platinum (Amplats).
The closures come as companies feel growing political
pressure from the ANC-led government to do more for the
workforce against the backdrop of rising labour tensions and
persistent income disparities.
“Jean is the latest in a raft of CEO appointments in the
platinum sector after a very difficult period for the industry.
The CEO role has become increasingly political,” Liberum Capital
said in a note.
The company’s share price was up almost 2 percent in London
and one percent in Johannesburg.
Continued…
