- Caledonia Mining Corporation appoints Tariro Gadzikwa as independent non-executive director
- Steve Curtis steps down from Caledonia's board, marking a change in board composition
- Padenga Holdings poses stiff competition to Caledonia, likely to surpass them in upcoming FY results
Harare- Caledonia Mining Corporation, the second-largest gold producer listed on the Victoria Falls Stock Exchange, has announced a significant executive board appointment according to its latest circular. The appointment, effective from 15 March 2024, was outlined in a circular released on18 March 2024.
According to the circular, Tariro Gadzikwa, a Zimbabwean national residing in South Africa and a chartered accountant was appointed as an independent non-executive director. Tariro, who is the founder and CEO of MWJ Consulting Property Limited, has been appointed as a non-executive director.
Prior to this role, she served as the Chief Finance Officer at Efora Energy Limited (formerly SacOil Holdings) and provided audit and financial advisory services in various countries, including United Kingdom (London), South Africa (Johannesburg), and Maryland (Baltimore).
She also worked in several African countries, including South Africa, Seychelles, Nigeria, and Botswana, as part of Efora's subsidiaries.
John Kelly, the chairperson of Caledonia's board, expressed his enthusiasm about Tariro's appointment, highlighting her extensive experience in board management, as well as her expertise in audit, risk management, corporate finance, and finance strategy development.
On the other hand, Steve Curtis, who retired as the CEO of Caledonia in June 2022 but continued as a non-executive director, has decided to step down from the board. His departure also marks a change in the board composition.
Caledonia Mining Corporation faces stiff competition from its main rival, Padenga Holdings, which aims to dominate the industry. In the third-quarter production results announced on October 11, 2023, Caledonia reported a quarterly record gold production of 21,772 ounces, totaling 55,244 ounces for the cumulative nine-month period (equivalent to 1,564 kilograms of gold).
However, Padenga Holdings surpassed both Caledonia and RioZim, producing a record 1,600 kilograms of gold during the same nine-month period. Padenga also outperformed Caledonia in the first half of the year, marking the first time the industry giant was surpassed by Padenga.
Padenga began production in 2019.
To maintain or improve its current position, Caledonia Mining Corporation, along with its newly appointed team member, will need to focus on their efforts amidst fierce competition from Padenga Holdings.
Based on the latest production statistics from Padenga Holdings compared to Caledonia, it is likely that Padenga will not only exceed 2000 kgs in the upcoming FY results announcement but also surpass Caledonia.
Nonetheless, we anticipate that Caledonia will make every effort to maintain its position as the second-leading company in the industry.
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