TORONTO, CANADA – Ivanhoe Mines (TSX: IVN; OTCQX:IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced that the company has promoted its Chief Financial Officer, Marna Cloete, to the position of President effective today, in addition to her existing role as Chief Financial Officer. Ivanhoe's current President, Tony S. Giardini, will leave Ivanhoe Mines after a short transition period.
Ms. Cloete started her career in 2002 with PricewaterhouseCoopers in the Metals and Mining Division with a client base that included Harmony Gold Mining Company Limited, Palabora Mining Company (a member of the Rio Tinto Group) and Ingwe Collieries (a subsidiary of the Energy Coal Division of BHP Billiton). She joined Group Five Limited, a large South African listed construction company, in April 2005, where she was responsible for group reporting. Ms. Cloete joined Ivanhoe Mines in July 2006 and was promoted to Chief Financial Officer in December 2009.
Ms. Cloete is a registered Chartered Accountant and holds a Master’s Degree in taxation from the University of Pretoria. Ms. Cloete has been with Ivanhoe Mines for 14 years and has extensive knowledge of the company’s asset base and operational personnel. In her capacity as CFO, she gained detailed knowledge of the jurisdictions where the company’s assets are located and will continue to work closely with all of Ivanhoe Mines’ shareholders and stakeholders.
Mr. Friedland and Mr. Sun commented, "We are truly excited that Marna will lead Ivanhoe Mines at this critical junction as we look to fast-track development at each of our three principal mining projects. She is an extraordinarily talented executive with a strong track record of leadership in finance and team building. Marna has a deep knowledge of our organization, the African continent and is well regarded by everyone at Ivanhoe and across the mining industry.”
“Tony took on the task of helping Ivanhoe through a transition following the retirement of its long time CEO, Lars-Eric Johannson, and we personally thank him to help bridge Ivanhoe from its exploration and development phase to its forthcoming operational phase."
Under the leadership of Ms. Cloete, the company will review the organizational structure with the aim to unlock the many synergies that exist between the various shareholders and stakeholders. With this in mind, the Board has elevated the responsibilities of several other company executives, including Ivanhoe's Executive Vice President, Sustainability & Special Projects and Executive Chairperson at its Platreef Project, Dr. Patricia Makhesha. In addition, Matthieu Bos will be promoted to Executive Vice President Africa, and Peter Zhou will be promoted to Executive Vice President China, who together will assume greater roles liaising with Ivanhoe's joint venture partners in the Democratic Republic of Congo, South Africa, China and key institutional shareholders.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa: the development of major new mines at the Kamoa-Kakula discoveries in the Democratic Republic of Congo (DRC) and at the Platreef palladium-platinum-nickel-copper-rhodium-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC. Ivanhoe also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.
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