Trev, maybe this story is what you saw, the text is confusing and I had to read it twice to figure it out.
Ptask
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196.36.119.130
Posted: 1999/09/7 11:20 PM GMT+2
Gold Fields MD Tom Dale resigns
THE resignation of Gold Fields MD Tom Dale on Tuesday signals that the group, the world's second largest gold producer, has turned a corner since it was created from the consolidation of Gencor's and Gold Fields of SA's gold mines in 1997. It was Dale who was tasked with turning a mixed bag of mines into profit-makers, a target largely achieved despite the fact that the group followed a policy of non-hedging amid a consistent decline in the gold price.
Dale's replacement is Ian Cockerill, a long-standing member of the Anglo American fold who joined the Anglogold board on its creation in 1997. Analysts believe Cockerill is ideally suited to improving efficiencies yet further at Gold Fields' mines and bringing other operations, such as the west rand mine Libanon and Oryx in the Free State, to sustainable profitability. Cockerill will join Gold Fields before September-end.
As mine manager of Anglogold's West Wits operation Elandsrand, Cockerill is largely credited with pioneering sequential grid mining, a system of underground mining which selectively left pillars with geological discontinuities. He is also instrumental with harmonising engineering and mining responsibilities at Elandsrand. Cockerill's interest in technology, research and development has also been part of Anglogold's culture of cost containment. Cockerill is currently executive officer responsible for Anglogold's African operations, exploration and new business.
Chris Thompson, Gold Fields chairman, said Dale had indicated three months ago that he felt that his major contribution to the future of Gold Fields had been made. "Accordingly it was agreed that Tom would continue to serve until a replacement could be found and a suitable transition arranged," he said. Commenting on Dale's departure, Thompson said: "He, above all, is credited with the swift turnaround that was achieved in converting the major Driefontein and Kloof complexes from cash losers in the first half of 1998, to substantial profit earners in late 1998 and early 1999". The difficult decisions to reduce complements and drastically change mining practices were all his, Thompson added.
However, Dale's departure is not without whispers of disaffection between himself and Thompson who joined Gold Fields last year. The arrival of Thompson ushered in a change in strategy in which some forward gold sales was attempted at Gold Fields Libanon gold mine, an operation which has never hedged before. In addition, the classification of "core" and "non-core" mines – a system in which Dale and former Gold Fields chairman Brian Gilbertson rated the group's assets – was also ditched by Thompson. More latterly, Thompson has supported a "battening down of the hatches" approach to the group's immediate future and earmarking Ghanaian gold mine Tarkwa as a key growth asset.
Analysts believe that while Cockerill's departure is a loss to Anglogold, the group is rich in quality management and will be able to "plug the gap" in the short-term. Currently, Cockerill's responsibilities have been distributed throughout the group. Dave Hodgson, Anglogold's director reponsible for technology, will take control of new business development and worldwide exploration. Human resources director Barry Tapson will assume reponsibility for the Navachab mine in Namibia and John Myburgh, general counsel, will look after the Sadiola mine in Mali and Anglogold's other west African interests.
CEO Bobby Godsell said although he was sorry to lose Cockerill's input into the business, he was nonetheless "pleased" Cockerill's technical and managerial expertise would remain in SA. "I wish Ian every success in this new assignment and look forward to a continuing association with him in the affairs of the industry," Godsell added.
By: David McKay |
