New World Resources Plc (‘NWR’ or the ‘Company’), one of Central Europe’s leading hard coal and coke producers is pleased to announce the appointment of Mr. Gareth Penny (49) as Executive Chairman of the Company. Gareth Penny will join the Board of NWR on 3 September 2012 as Chairman-Elect and will become Executive Chairman on 1 October 2012, succeeding Mike Salamon, who will retire from the Board after serving for five years as Executive Chairman.
Mr. Penny will be proposed for the appointment as Executive Chairman of New World Resources N.V. (‘NWR NV’), at the Extraordinary General Meeting of NWR NV on 21 August 2012.
The appointment of Mr. Penny follows a global search by NWR’s Nomination Committee, consisting of Bessel Kok, Barry Rourke and Mike Salamon, whose unanimous recommendation was fully supported by each of the Company’s Directors.
Commensurate with the role of Executive Chairman, Mr. Penny will provide leadership at Group level within NWR’s holding structure, taking responsibility for the Company’s overall growth, development and performance, directing and leading the execution of the Company's strategy through the operating subsidiary management teams. Furthermore, in cooperation with NWR’s CFO, Mr. Penny will attend to financial matters relating to the Company.
Mike Salamon, Executive Chairman of NWR, said: “I am very pleased to welcome Gareth to New World Resources. During a career that spans over 25 years, Gareth has developed deep experience of many aspects of mining at Anglo American, De Beers, and AMG through his involvement at operational level in the exploration, development and expansion of resources. As Chief Executive of De Beers between 2006 and 2010 Gareth developed a strong track record for shareholder value creation as a result of both a clear strategic insight and the ability to manage change.”
Gareth Penny said: “New World Resources is a well-run company, with a highly skilled workforce, and a robust business model. The Company has delivered on an ambitious programme of modernisation and dramatically improved operating efficiency and safety across its mining and coking operations over the past five years. I am very excited to be taking over as Executive Chairman of NWR and look forward to contributing to the further development of the Company’s growth strategy. I am also looking forward to working with the excellent management team of NWR.”
Marek Jelinek, Executive Director and Chief Financial Officer of NWR, said: “On behalf of the Board, I would like to thank Mike Salamon for his invaluable contribution to the Company. Under his leadership NWR has undergone a major transformation and has developed into a world-class underground coal miner and a highly regarded FTSE 250 company with outstanding standards in safety, operational efficiency, and transparency. We welcome Gareth Penny as our new Executive Chairman and look forward to working with him and building on these strong foundations.”
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Current appointments in publicly quoted companies:
Mr. Penny currently serves as a non-executive director on the board of SWX-listed Julius Baer Group Ltd.
Born in 1962
Dual South African and Irish citizen
1985 Oxford University
Master of Arts (M.A.) in Philosophy, Politics and Economics
Since 2009 Julius Baer Group Ltd.
Non-executive Director (term of office until 2013)
2011 – 2012 AMG Advanced Metallurgical Group N.V., London
Chief Executive mining business
2006 – 2010 De Beers SA, Luxembourg
Group Chief Executive
2003 – 2010 De Beers SA, Luxembourg
Member of the Board
1993 – 2006 The Diamond Trading Company (DTC), London
(Company of De Beers Group)
2004 – 2006 Managing Director
2001 – 2004 Executive Director & Head of Sales & Marketing
1999 – 2001 Head of Strategic Review
1996 – 1999 Diamond Consultant for Southern Africa
1994 – 1996 Personal Assistant to the Chairman of De Beers SA
1993 – 1994 Sales Executive
1991 – 1993 Teemane Manufacturing Company, Botswana
(Company of De Beers Group)
1988 – 1991 Anglo American Corporation, Johannesburg
Head of Anglo American & De Beers Small Business Initiative
New World Resources Plc is one of Central Europe’s leading hard coal and coke producers. NWR produces quality coking and thermal coal for the steel and energy sectors in Central Europe through its subsidiary OKD, the largest hard coal mining company in the Czech Republic. NWR's coke subsidiary OKK, is Europe's largest producer of foundry coke. NWR currently has development projects in Poland and the Czech Republic, which form part of NWR's regional growth strategy. NWR is a FTSE 250 company, with listings in London, Prague and Warsaw.
Disclaimer and cautionary note on forward looking statements and notes on certain other matters
Certain statements in this announcement are not historical facts and are or are deemed to be “forward-looking”. The Company’s prospects, plans, financial position and business strategy, and statements pertaining to the capital resources, future expenditure for development projects and results of operations, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology including, but not limited to; “may”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “will”, “could”, “may”, “might”, “believe” or “continue” or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These forward-looking statements involve a number of risks, uncertainties and other facts that may cause actual results to be materially different from those expressed or implied in these forward-looking statements because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond NWR’s ability to control or predict. Forward-looking statements are not guarantees of future performances.
Factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected include, but are not limited to, the following: risks relating to changes in political, economic and social conditions in the Czech Republic, Poland and the CEE region; future prices and demand for the Company's products, and demand for the Company's customers' products; coal mine reserves; remaining life of the Company's mines; coal production; trends in the coal industry and domestic and international coal market conditions; risks in coal mining operations; future expansion plans and capital expenditures; the Company's relationship with, and conditions affecting, the Company's customers; competition; railroad and other transportation performance and costs; availability of specialist and qualified workers; and weather conditions or catastrophic damage; risks relating to Czech or Polish law, regulations and taxation, including laws, regulations, decrees and decisions governing the coal mining industry, the environment and currency and exchange controls relating to Czech and Polish entities and their official interpretation by governmental and other regulatory bodies and by the courts; and risks relating to global economic conditions and the global economic environment. Additional risk factors are as described in the Company’s annual report.
Forward-looking statements are made only as of the date of this announcement. The Company expressly disclaims any obligation or undertaking to release, publicly or otherwise, any updates or revisions to any forward-looking statement contained in this announcement to reflect any change in its expectations or any change in events, conditions, assumptions or circumstances on which any such statement is based unless so required by applicable law.