Bushveld brings in De Beers veteran to replace co-founder as CEO

21st Jun 2023 14:09

(Sharecast News) - Integrated vanadium producer Bushveld Minerals announced the appointment of Craig Coltman as its new chief executive officer on Wednesday.

The AIM-traded firm said Coltman would bring a wealth of experience in the mining industry with him, having served a 32-year tenure with De Beers Consolidated Mines, where he held various operational and commercial roles.

His most recent position at De Beers was that of chief financial officer and executive director, while he currently served as the chairman of the De Beers Pension Fund.

From 1 July, Coltman would assume the role of CEO and join the board, succeeding Bushveld co-founder Fortune Mojapelo, who had led the company for more than 11 years.

Bushveld said Mojapelo played a pivotal role in transforming the organisation from an exploration company into a fully-fledged primary vanadium producer.

Both Mojapelo and the board reportedly agreed that the present moment presented an opportune time for a leadership transition, to guide the company through its next phase of development.

During the transitional period, Fortune Mojapelo would work closely with Craig Coltman to ensure a seamless handover of responsibilities.

"The board is appreciative of Fortune's visionary entrepreneurship in building a significant new vanadium business and gives its sincere thanks for his dedicated service over the past years," said chairman Michael Kirkwood.

"The board is delighted to have attracted an executive of Craig's experience and qualities to Bushveld.

"He is a strategically focused change-leader with a strong track record across multiple disciplines - we look forward to supporting him in realising the embedded value within the group."

At the close on Wednesday, shares in Bushveld Minerals were down 13.89% at 3.1p.

Reporting by Josh White for Sharecast.com.