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Moloko steps down as chairman of Sibanye Gold

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Moloko steps down as chairman of Sibanye Gold

Sibanye Gold Ltd. reported the resignation of board chairman Sello Moloko, who will be replaced by Vincent Maphai, a former chairman of BHP Billiton Ltd. South Africa.

The mining company said May 29 that Moloko resigned to focus on his other responsibilities and the ongoing development of Thesele Group (Pty.) Ltd., which he founded in 2005. Moloko will also become chairman for state-owned Telkom on June 1, following the resignation of Jabu Mabuza, effective May 31.

The announcement comes a day after Lonmin shareholders agreed to the mining company's takeover by Sibanye Stillwater, despite some analysts expressing the view that the deal undervalued Lonmin. The merger makes Sibanye one of the world's largest producers of platinum group metals.

Moloko's resignation is effective Sept. 30.

Maphai will join Sibanye on June 1 as chairperson designate.

Maphai has served in public policy projects and held roles at the National Planning Commission, the Presidential Review Commission and South African Broadcasting Corp.