Revamped Rockwell board 'more independent and balanced'

TORONTO (miningweekly.com) – Vancouver-based Rockwell Diamonds has made sweeping changes to its board of directors, in order to create “a more independent and balanced board”, the firm announced on Tuesday.

Of the company's seven-strong board, Pat Bartlett, Rene Carrier, Scott Cousens and Douglas Silver have all resigned, with effect from November 21.

They will be replaced by Sandile Zungu, who is a founding member of the company that control's Rockwell's black-economic empowerment partner in South Africa, African Vanguard Resources, Terry Janes, Bill Fisher and Greg Radke, who is the general counsel for Pala Investments - the shareholder that abandoned a takeover bid earlier this month for Rockwell.

All four have joined the board as independent directors, and CEO John Bristow, David Copeland and Randgold Resources CEO Mark Bristow will all continue to serve as directors.

“These changes create a strong balance of independence, as well as operational, diamond market, and corporate experience, on the board, which will benefit the company in the currently harsh global financial environment,” Rockwell's Bristow said in a statement.

The company, which has alluvial mines in South Africa, said on Monday that it would extend its usual two-week shutdown to five weeks this year-end, to help the company conserve cash and in response to sliding diamond prices.