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Nonkululeko Nyembezi-Heita to Become new CEO of Ichor Coal N.V.; Rirhandzu Owner Siweya to Become new Chairman of Ichor Coal N.V.; Andries Engelbrecht to Become COO of Ichor Coal N.V.

BERLIN, December 20, 2013 /PRNewswire/ --

  • New Chairman of the Supervisory Board nominated
  • New CEO and COO will join IchorCoal early next year

Supervisory Board of IchorCoal N.V. ("IchorCoal"), an internationally operating mineral resource company focused on South Africa, is nominating Rirhandzu Owner Siweya as candidate for the Supervisory Board of IchorCoal and intends to appoint him as chairman. Mr. Siweya is currently the Chief Executive Officer of Mbuyelo Group and the Chairman of Mbuyelo Coal (Pty) Ltd. Under the guidance of Rirhandzu Owner Siweya, the Supervisory Board of IchorCoal is nominating Nonkululeko Nyembezi-Heita and Andries Engelbrecht respectively as Chief Executive Officer and Chief Operating Officer of IchorCoal.

Upon shareholder approval regarding the nomination of Rirhandzu Owner Siweya as member of the supervisory board, Lars Windhorst, the current Chairman, will step down as chairman of the Supervisory Board of IchorCoal but will remain an active supervisory board member and deputy Chairman of the supervisory board.

Nonkululeko Nyembezi-Heita has spent the last 6 years as the CEO of ArcelorMittal South Africa and before that was the Chief Corporate Strategy Officer at the Vodacom Group in South Africa. On 10 December 2013, Nonkululeko Nyembezi-Heita was appointed as the Independent Non-Executive Chairman of the Johannesburg Stock Exchange; she will start her role as the Chairman in 2014. In addition, she has been an Independent non-executive director of Old Mutual plc since 2012.

Andries Engelbrecht has 20 years of experience in the mining industry and most recently was the Chief Operating Officer of Riversdale Mining Limited, responsible for all Africa based projects. Before that Mr. Engelbrecht held the roles of General Manager and Engineering Manager at Zululand Anthracite Colliery. He has also held positions at Khutala Colliery (Ingwe Coal Corporation) BHP Billiton and Richards Bay Coal Terminal.

IchorCoal is majority owned by Sapinda Holding B.V. and its subsidiaries ("Sapinda"). Following the purchase of IchorCoal shares from the Schernikau family, Sapinda now holds 65% of the issued share capital of IchorCoal.

The Management Board

About Mbuyelo Coal (Pty) Ltd.

Mbuyelo Coal is a black-owned conglomerate focused on coal and minerals headquartered in Alberton, a suburb of Johannesburg, South Africa. The company is a spin-off of Mbuyelo Group and was founded in November 2011. Mbuyelo Coal has several majority and minority holdings in the coal sector which include Eloff, Vlakvarkfontein, Welstand and Welgemeend. Resources and reserves attributable to Mbuyelo Coal add up to more than 550 million tons. IchorCoal holds a 45% interest in Mbuyelo Coal.

About Sapinda

Sapinda is a global investment holding company with assets and investments across continental Europe, Africa, Asia and the U.S. and offices in various international locations including London, Amsterdam, Berlin, Hong Kong and Johannesburg. Sapinda has strategic investments in mining, agriculture & food processing and oil&gas. The group also has a diversified portfolio of financial investments in a variety of sectors including real estate, technology and media. Sapinda Holding is affiliated with Anoa Capital, an associated company which provides regulated merchant banking/capital markets services from Luxemburg/London.

About IchorCoal N.V.

IchorCoal N.V. is an internationally operating mineral resource company specialising in investments in coal resources as well as in other projects in the field of coal logistics and coal handling. The company is focused on the South African market and is planning to further grow and increase its investments in the South African coal mining industry. Ichor Coal owns 45% of Mbuyelo Coal (Pty) Ltd. and 74% of Vunene Mining (Pty) Ltd. which owns and operates the Usutu colliery. Ichor Coal is currently headed by CEO Heinz Schernikau (until December 31st, 2013) and CFO Sebastian Giese. Nonkululeko Nyembezi-Heita will join the company as CEO as of 1st April 2014 and Andries Engelbrecht will join the company as of 2nd January 2014 under the leadership of Rirhandzu Owner Siweya who will be appointed as new Chairman of the supervisory board in January 2014.

Forward-looking statements

This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected mining and associated costs, statements relating to estimates of, and increases in, production, cash flows and values, and other statements that are not historical facts. When used in this document, words such as "could," "plan," "estimate", "expect", "intend", "may", "potential", "should" and similar expressions are forward-looking statements. Although IchorCoal believes that its expectations reflected in these forward-looking statements are reasonable, such statements do involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the possibility that the company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact, and that IchorCoal fails to raise sufficient capital to adequately fund its activities.

IchorCoal N.V.                                            
An der Wuhlheide 232, 12459 Berlin, Germany                    
Tel.: +49-30-65-66-81-60
Fax: +49-30-65-66-81-15
[email protected]

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