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Rockwell CEO Quits as Business Rescue Continues
Jul 19, 2017 3:58 AM
By Rapaport News
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RAPAPORT... Rockwell Diamonds CEO Tjaart Willemse has resigned amid an
ongoing business-rescue process at the South Africa-focused miner.
The company hired Willemse (pictured) last September to deal with the
“crises” emanating from legal actions brought by mining contractor C-Rock
Mining and to implement a turnaround strategy, Rockwell said Monday.
Stephen Le Roux, who heads Rockwell’s operations at Middle
Orange River in South Africa, will handle the company’s day-to-day management
responsibilities alongside chief financial officer Johan Oosthuizen.
Three of Rockwell’s subsidiaries — Rockwell Resources, HC
van Wyk Diamonds and Saxendrift Mine — are in business rescue. The group is working
alongside external business-rescue practitioners to prepare a recovery plan,
which they intend to publish by September 30.
Rockwell recorded zero revenue in the third fiscal quarter
that ended May 31 and made a loss of $2.7 million as diamond production was
minimal.
“Initiatives to drive operating costs down further and to
increase revenue are key to returning the business to profitability,” Willemse
said.
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Tags:
Business Rescue, C-Rock Mining, Middle Orange River, mining, Rapaport News, Rockwell, Rockwell Diamonds, Rough Diamonds, South Africa, Stephen Le Roux, Tjaart Willemse
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