Tanzania miner Barrick Gold's CFO resigns

Wednesday March 06 2013

A gold mine in Arusha, northern Tanzania. Photo/FILE

Africa Barrick Gold (ABG) executive director and chief financial officer Kevin Jennings has resigned to join an undisclosed mining company in Canada in a similar capacity.

Tanzania’s largest gold miner which is listed on the London Stock Exchange (LSE) and cross listed on the Dar es Salaam Stock Exchange (DSE) on Wednesday said that Mr Jennings will be replaced by Jaco Maritz who is the vice president of finance.

“ABG today announces that Kevin Jennings, executive director and chief financial officer of ABG has given notice that he intends to leave the company in order to take up a similar role at another mining company,” said ABG in a statement to capital market regulators.

The mining firm however said that Mr Jennings will remain with ABG as part of the team overseeing the completion of the initial stages of an operational review while Mr Maritz assumes Mr Jennings responsibilities.

Mr Jennings resignation comes only seven days after the mining firm appointed Kelvin Dushnisky as chairman of it’s the board of directors replacing Derek Pannell who served as acting chairman since June 2012.

Mr Dushnisky joined ABG’s Board in June last year and is currently the senior executive vice president of Barrick Gold Corporation.
ABG operates four mines in Tanzania Bulyanhulu, Buzwagi, Tulawaka and North Mara and a number of other exploration projects in the region, including Kenya.


“It has been a difficult decision to leave ABG, a company with both great assets and people. I have taken real pleasure over the past three years in seeing the business develop and believe ABG will continue to build on the strong platform we have established,” said Mr Jennings.

Last month ABG said that it was expecting to produce between 540,000 and 600,000 ounces of gold, at total cash costs, including royalties, of between $925 and $975 per ounce sold in Tanzania.

The company reported net earnings of $59 million, including one-off adjustments of $46 million, due to impairment charges related to Tulawaka and recommend the payment of a final dividend of $12.3 cents per share, representing a total dividend of $16.3 cents for 2012.

In January, the mining firm announced that it had ended discussions with China National Gold Group Corporation which wanted to purchase a 73.9 per cent stake in ABG and in October last year, it said that it completed the acquisition of Aviva Mining Kenya for A$20 million ($20.54 million).

(Read: Africa Barrick sale talks collapse)

ABG whose stock was cross-listed on the DSE in December 2011 has never traded in that stock exchange but its last price at the LSE on Wednesday morning averaged £252.20 ($381.02).