Zhou appointed Zimplats chairperson

HARARE - Australian Stock Exchange-listed platinum group metals producer Zimbabwe Platinum Mines Limited (Zimplats) has appointed Nyasha Zhou as chairperson.

His appointment is with effect from March 1, 2013.

Zhou — a former chief executive of troubled building materials manufacturer PG Industries — takes over from Zimplats’ parent company Impala Platinum Holdings (Implats)’s chief executive David Brown who resigned in June last year.

Zimplats’ deputy board chairman Muchadeyi Masunda had been acting chair since Brown’s resignation.

Zhou joined the Zimplats board in 2010. The 59-year-old has his work cut out as he leads Zimplats in fighting government’s compulsory acquisition of its land.

Zimplats has already objected to the acquisition of the land — nearly 28 000 hectares.

The miner is also objecting a $17m invoice arising from financial advisory services offered during its $971 million indigenisation deal.

Zhou, past president of the Institute of Chartered Accountants of Zimbabwe (Icaz), is currently the chairperson of Zimplats’ audit and risk committee and is also a member of its safety, health and environmental quality committee.

He sits on several other boards including recently-established building materials supplier Vaka Concrete Limited as deputy chairperson.

Zhou holds a Bachelor of Accountancy Degree (Hons) from the University of Zimbabwe and is a certified chartered accountant.

Zimplats, with a market value around $1 billion, is owned by Implats — the world’s second-largest platinum producer after Anglo American.

The group incurred a $6 million loss in the half year to December 2012 down from a $68,4 million after tax profit registered in previous comparable period.

During the period under review, revenue declined significantly from $230,6 million to $176,5 million.

Basic and diluted earnings per share dropped from 63,55 cents to a loss per share of 5,93 cents while interest income increased to $987 000 from $83 000. - Business Writer

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