Kumba Iron Ore : Chief Financial Officer to step down

Mr Kotzee engaged with the Kumba Board in December 2016 to indicate his preference to step down during the course of 2017, once a number of major strategic and financial deliverables had been completed. In order to ensure a smooth transition, Frikkie has agreed to remain with the Company until Kumba's Annual General Meeting on 11 May 2017.

Fani Titi, Chairman of Kumba said: 'The Board thanks Frikkie for his invaluable contribution and leadership over the past five years. We have valued his integrity and unwavering commitment to the highest levels of governance and excellence. We wish Frikkie the best in his future endeavours.'

Themba Mkhwanazi, Chief Executive, added: 'Frikkie has played a crucial leadership role in ensuring Kumba's financial sustainability during trying times. He will be missed as a valued member of the executive team.'

Frikkie Kotzee commented: 'I would like to thank Kumba for what has been an excellent opportunity to serve as CFO. It has been very rewarding professionally and I have had the privilege of working with an exceptional board and management team. After five years and with a strengthened balance sheet and a major restructuring of the business successfully executed, I believe the time is right for me to step down.'

The Kumba Board will now begin a search process of internal and external candidates to identify a successor.