TanzaniteOne (LON:TNZ) announced a number of board room changes, including the promotion of deputy chairman Ed Nealon to become the new non-executive chairman.
Current chairman Ami Mpungwe will now become deputy chairman of the Plc but he remains chairman of the group’s primary operating subsidiary in Tanzania, TanzaniteOne Mining Ltd. In this role Mpungwe will focus on strengthening and developing relationships within Tanzania.
Additionally the group ha s also hired Farai Manyemba as its new finance director.
Manyemba is a chartered accountant, who joined TanzaniteOne as a financial manager in 2007, has already played an instrumental in developing the group’s systems and controls, cost and cash management and financial reporting.
“Ed has extensive experience in creating successful international mining companies, which is invaluable for the next growth phase of the company,” said chief executive Bernard Olivier.
“The board is also delighted to welcome Farai to the board as finance director. He brings with him extensive accounting and finance experience and will be a valuable asset to the company as we look to build our business as a leading premium coloured gemstone producer."
The group’s main product, Tanzanite, is a rare blue gemstone that its only found in the foothills of Mount Kilimanjaro in northern Tanzania. The group is now looking to diversify, after returning to profitability in 2010. Earlier this month the group added an Australian sapphire project to its growing portfolio.
In the year ended 31 December 2010 TanzaniteOne returned to profit after it produced of 2.2 million carats and achieved total sales of US$ 15.9 million.