Shareholding

As an independent private company, our shareholders are drawn from across the South African gold mining industry, placing Rand Refinery in a unique position. This gives us extensive insight and unique understanding of the precise requirements of both the mining process and mining houses, ensuring we fully meet our customers’ needs. At the same time, we enjoy the full support of two of the largest gold mining houses in the world. This gives us sustainability of supply which gives comfort to our downstream customers.

Board of Directors and Management

+

Praveen Baijnath PMD, MBA

Chief Executive

Praveen is a Chemical Engineer with 29 years’ experience in minerals beneficiation and the chemical process industry. He attended University of Cape Town’s Graduate School of Business Program (PMD) in 1995 and in the year 2000 attained an MBA with distinction from the University of Wales.

Praveen Baijnath was appointed as Chief Executive of Rand Refinery on 1 June 2015. He was previously (2009-2015) Group CEO of JSE listed Delta EMD and remains on the Board of Delta EMD Limited as a non-independent, non-executive director. He also served as CEO of Gold Reef Specialty Chemicals, as well as a director on the Operational Board of Frame Textile Group. His previous roles spanning a period of 20 years was with Huntsman Corporation in process and chemical engineering, plant management and executive management roles in Operations, EHS, Technical and Strategic Development.

Praveen is a Member of SA Institute of Chemical Engineers and Institute of Directors in Southern Africa.

Praveen Baijnath
Chief Executive

+

Dean Subramanian BCom, Hons Accounting (UNISA ) CA (SA)

Chief Financial Officer

Dean Subramanian is a Chartered Accountant and has extensive CFO and Finance Executive experience.

Dean Subramanian held the position of Chief Financial Officer at ArcelorMittal listed on the Johannesburg Stock Exchange. Dean also held the position of Finance Director at Aveng Steel, an Operating group of Aveng Limited, listed on the Johannesburg Stock Exchange. Dean worked both in the construction and manufacturing divisions of Aveng. Prior to that, Dean held several positions in the banking, airline and property industry and was the group CFO for JHI, a property asset management company. Dean also has extensive experience in Africa and served his articles at EY in Johannesburg where he qualified as a Chartered Accountant; he was also seconded by Ernest and Young to New York.

Dean joined Rand Refinery in the position of CFO and Executive Director on 1 August 2018.

Dean Subramanian
Chief Financial Officer

Non-Executive Directors

+

Rams Ramashia BIuris, LLB, LLM

Independent Chairman

Rams has held senior positions in various international and domestic Non-Governmental organisations which he used as a platform for anti-apartheid activism prior to 1994, culminating in his election as founding President of the South African National NGO Coalition (SANGOCO). Following the democratisation of the South African society, he was appointed Deputy Director-General of the National Department of Labour and later elevated to the position of Director-General (DG) of the Labour Department.

As DG of Labour, he was Government Chief Negotiator and overall Convenor of the government caucus at the National Economic and Labour Council (NEDLAC). He also represented the South African Government at the International Labour Organisation (ILO). As Labour DG, he also presided over the process of amending the Labour Relations Act (LRA) and the Basic Conditions of Employment Act (BCEA), respectively.

Prior to joining government Rams also served on the then Deputy President Mbeki’s Advisory Committee on the National Development Agency (NDA) as Head of its legal task team.

In 2004, Rams was appointed Regional President of BP Africa and Executive Chairman of the Board of BP Southern Africa. In 2011, he became non-executive chairman of BP Southern Africa.

Rams is a practicing advocate of the High Court and member of the Pretoria Society of Advocates.

He is a non-executive director of AECI where he serves on its Risk, Social and Ethics, Remuneration and Nomination Committees, respectively. He is also a non-executive director of Anglo American South Africa, where he chairs its Social and Ethics Committee and also serves on its Risk and Audit Committee. Rams is also a non-executive director of the Mineworkers Investment Company (MIC).

Rams also serves as a member of the NDA Ethics Board chaired by former Constitutional Court Judge Yvonne Mokgoro and is a member of the Human Resource Development Council.

Rams was appointed as the Independent Chairman of the Board of Rand Refinery in October 2010 where he also serves as Chairman of its Remuneration and Nominations Committee.

Rams Ramashia
Independent Chairman

+

Fatima Daniels BSc, CA (SA)

Independent Non-Executive Director

After spending several years in the auditing profession, Fatima went on to lecture in financial accounting and then spent over a decade in various positions in corporate South Africa. Fatima currently serves on several Boards.
Fatima has previously served on the Boards of Telkom, Metropolitan, Woolworths, South African Reserve Bank, SA Mint, SA Banknote, and Impala Platinum Holdings. She is currently a director of the MTN Group (various subsidiaries), Clicks Group, MMI Holdings, Tongaat Hulett, AfriSam Holdings and JSE Ltd Board.

Fatima was appointed as a non-executive director of Rand Refinery in June 2012 and also serves as the Chairman of the Audit and Risk Committee.

Fatima Daniels
Independent Non-Executive Director

+

Pieter Henning BCom, BCompt (Hons), CA (SA)

Non-Executive Directors

Pieter is the divisional Chief Financial Officer of Sibanye Gold Limited’s (‘Sibanye’) gold and uranium business and is a qualified Chartered Accountant (South Africa). He started his career at KPMG Inc. after which he joined Western Areas Limited in 2005 as Financial Manager. He was appointed Chief Financial Officer of Western Areas Limited in January 2007 and, with Gold Fields Limited (‘Gold Fields’) acquiring Western Areas Limited later that year, he joined the Gold Fields financial reporting team. From 2009 to 2013, Pieter was part of the Gold Fields corporate finance division responsible for various capital raisings in the international and local debt markets. With the unbundling of Sibanye in 2013, Pieter was appointed as Vice President: Corporate Finance responsible for finance and the external financial reporting functions of Sibanye.

Pieter was appointed on 21 October 2005 as a non-executive director of Rand Refinery. He serves as a member of the Audit and Risk Committee and the Remuneration and Nominations Committee.

Pieter Henning
Non-Executive Directors

+

Harry Ephraim "Mashego" Mashego BA (Education), BA (Hons), (Human Resources Management) Joint Management Development Programme, Global Executive Development Programme

Non-Executive Directors

Mashego joined Harmony in 2005 and has been responsible for group human resources development, transformation and, most recently, government relations. He has more than 20 years’ experience in human resources, acquired largely in the industrial sector. Mashego was appointed as an executive director at Harmony on 24 February 2010.

Mashego joined the Board of Rand Refinery on 9 August 2017, and is also a member of the Social and Ethics Committee.

Harry Ephraim "Mashego" Mashego
Non-Executive Directors

+

Christine Ramon BCompt, BCompt (Honours), CA (SA), Senior Executive Programme (Harvard)

Non-Executive Directors

Christine joined AngloGold Ashanti as Chief Financial Officer and as an executive director with effect from 1 October 2014. Christine has held senior financial management and executive positions in various Companies. She previously served as Chief Financial Officer and Executive Director of Sasol from 2006 to 2013. Prior to this, she was CEO of Johnic Holdings, having previously served as Financial Director. Christine is currently a non-executive director on the board of MTN. She previously served on the boards of Transnet and Johnic Communications.

She is a member of the South African Institute of Chartered Accountants, the Public Accountants’ and Auditors Board and the Association for the Advancement of Black Accountants of South Africa. She previously served as a member of the Standing Advisory Committee to the International Accounting Standards Board and currently serves as Deputy Chair of the Financial Reporting Standards Council of South Africa.

She joined the Board of Rand Refinery as a non-executive director on 13 October 2014 and is a member of the Audit and Risk Committee.

Christine Ramon
Non-Executive Directors

+

Mark Burrell BCom (Acct), MDP (Mining Management)

Non-executive Director

Mark joined DRDGOLD in 2004 to assist with the evaluation of their ERPM operation and thereafter transferred to Blyvooruitzicht Gold Mining Company as Financial Manager. In 2012, Mark was appointed as Financial Director of DRDGOLD’s Ergo Mining. He is a director of East Rand Proprietary Mines, Crown Consolidated Gold Recoveries, Ergo Business Development Academy and Ergo Mining.

Mark was appointed as an alternate director to Themba Gwebu on 24 May 2012 and currently serves as an alternate director to Charles Symons.

Mark joined the Board of Rand Refinery on 24 May 2012.

Mark Burrell
Non-Executive Director

+

Mpho Mashatola CA (SA)

Non-executive Director

Mpho is a qualified CA(SA) and completed her tertiary education at the University of the Witwatersrand. She spent 6 years at KPMG South Africa in the Energy and Natural Resources business unit. After completing her articles in 2014 she was seconded to KPMG LLP in Detroit. She was promoted to an audit manager in 2015. During this time, she was responsible for managing JSE and NYSE listed clients within the gold mining industry. On 11 June 2018 she was appointed Group Financial Controller at DRDGOLD Limited and is involved in IFRS and US financial reporting, integrated reporting, sustainability reporting, technical accounting matters and Sarbanes Oxley compliance.

Mpho Mashatola
Non-Executive Director

+

Moses Madondo BSc Mechanical Engineering, MBA

Non-executive Director

Moses Madondo is a Senior Vice President responsible for AngloGold Ashanti’s South African Operations. He is a Board Member of the Minerals Council of South Africa and represents AngloGold Ashanti in several bodies in the South African mining industry.

Moses has more than 21 years mining experience, having started as a mechanical engineer, he went on to manage engineering design services, processing plants and ultra-deep level gold mines. He has also been involved in mining operations, in various capacities, in other mining jurisdictions where AGA operations are found.

He holds a BSc Mechanical Engineering Degree, a Post Graduate Diploma in Management Practice, as well as an Executive MBA from the University of Cape Town. Moses is also an Alumni of Harvard Business School (HBS), having completed an executive development program at the HBS.

Moses Madondo
Non-Executive Director

Non-Executive Directors - Alternates

+

Ian Kramer CA(SA)

Non-executive Director – Alternates

Ian completed his tertiary education at the University of Pretoria and qualified as a CA(SA) in 1993. He spent 20 years at KPMG, 11 thereof as an external audit partner as part of KPMG’ Mining group in SA’s Energy and Natural Resources Business Unit. Part of the 11 years included a two year secondment to Toronto and Canada. While he was at KPMG, he was appointed as the KPMG Head of Mining for Africa and responsible for Gold Fields as the lead audit engagement partner and Sasol as the external quality control partner. Ian joined AngloGold Ashanti on 1 November 2012 as a Vice President: Finance, mainly responsible for all JSE and NYSE external reporting responsibilities of AngloGold Ashanti. He has significant experience in IFRS as well as US GAAP, across deep level and open pit producers including a variety of commodities, notably gold and platinum.

Ian was appointed as an alternate director to Christine Ramon from 23 July 2018.

Ian Kramer
Non-Executive Director – Alternates

+

Herman Perry CA (SA)

Non-executive Director – Alternates

Herman Perry is a Chartered Accountant by profession with over 15 years’ experience within the finance and treasury functions of gold mining Companies. He has been in the finance function at Harmony Gold for the last 9 years, having previously worked in similar functions at AngloGold Ashanti. In addition to directorships of certain Harmony Group Companies, he is a director and member of the Investment Committee at the Rand Mutual Assurance Company and is a member of the Audit Committee at Rand Mutual Assurance Company.

Herman served as an alternate director to Marian van der Walt and is now alternate director to Harry Mashego.

Herman Perry
Non-Executive Director – Alternates

Executive Committee

+

Peter Bouwer

General Manager: Refinery and Fabrication

Peter studied electronic engineering at the University of Pretoria and is a trained value systems engineering practitioner. Peter has worked in the fields of electrical and instrumentation engineering, process control systems engineering, business information systems, business intelligence and corporate strategy development before joining Rand Refinery. His business experience spans the coal mining, energy and petro-chemical industries as well as upstream oil and gas industries.

He has worked for a wide range of Companies in the field of strategy development both locally and internationally including governments and NGOs. Peter has conducted strategy-related work in Africa, North America, Europe, India and China.

Peter was appointed to the position of Chief Operating Officer of Rand Refinery with effect from 1 December 2014. Prior to his appointment of Chief Operating Officer, Peter served as the Chief Strategy Officer of Rand Refinery with effect from March 2010. The effective date of his appointment as the General Manager: Refinery and Fabrication was 1 November 2016.

Peter Bouwer
General Manager: Refinery and Fabrication

+

Collin Naicker HND Mechanical Engineering, BCom, MBA, Government Certificate of Competency (Factories)

General Manager: Smelter and Engineering Services

Collin is a certified Mechanical Engineer with 25 years’ experience in the manufacturing, minerals beneficiation and the metals industries. He also completed a Bachelor’s Degree in Commerce (BCom) with specialisation in Management, Transport Economics and Logistics from the University of South Africa in 2006 and a Master’s in Business Administration (MBA) from the University of Cape Town’s Graduate School of Business’s in 2009. Collin also holds a government certificate of competency (GCC) for the factories environment.

Collin’s career initially commenced with Bell Equipment (Pty) Ltd, then BHP Billiton’s Aluminium South Africa and later Delta EMD Limited, where he held various technical and senior management positions in Engineering, Capital Projects, Business Improvement, Maintenance, Reliability, Production and Operations Management. Collin also held the senior executive role of Operations Director for JSE listed Delta EMD Limited and served on the Board of Directors.

In May 2016, Collin resigned as Operations Director of Delta EMD Limited to join Rand Refinery on 1 June 2016, as Head: Asset Care and Capital Projects. The effective date of his appointment as General Manager: Smelter and Site Engineering was 1 November 2016.

Collin Naicker
General Manager: Smelter and Engineering Services

+

Basil Moeng MBA, BBA

Executive Head: Human Resources and Organisational Development

Basil holds an Executive Development Programme (Stellenbosch University), Bachelor of Business Administration and a Master’s in Business Administration, majoring in Human Resources: Industrial Relations, from Newport University.

From 1982 to 2005 Basil has held various positions at Kimberly-Clark of South Africa and also gained experience at Kimberly-Clark Europe Barton Mill (“UK”). In 2005 he joined Nampak fulfilling roles of Operations Manager Corrugated Plant, Divisional Employee Relations Manager and Human Resources Director of Bevcan and Glass Operations. In 2009 he was appointed as Human Resources Director of Kellogg’s Company of S.A.

Basil has been appointed to the Rand Refinery Executive Committee as Executive Head: Human Resources with effect from 5 January 2015.

Basil Moeng
Executive Head: HR & OD

+

Terance Nkosi BEng (Chemical), BEng Honours (Environment), IMDP, PGDip (Human Sciences), MBA

Executive Head: SHEQ and Technical Assurance

Terance started his career at Samancor as a graduate metallurgist in January 2000. He later joined Rand Refinery as a plant metallurgist in August 2001, where he held various positions with the department. He was appointed as the Head: Smelter in May 2008 which is the position that he held until January 2016 when he was appointed as the Executive Head: SHEQ and Evaluation.

In 2012, Terance was nominated as the rising star in the minerals and mining category. Since the commencement of his career, he has been involved in the successful completion of several capital projects.

Terance Nkosi
SHEQ and Technical Assurance

+

Busisiwe KhangaleACIS, LLB

Company Secretary

Busi graduated from the University of the Witwatersrand in 2006, and was admitted as an attorney of the High Court in 2009. She completed her qualification in Professional Post-Graduate Qualification: Company Secretarial and Governance Practice in 2014.

Busi has gained experience in both the private and public sector and was appointed as Company Secretary and Head of Legal on 4 August 2016.

Busisiwe Khangale
Company Secretary

Our History

In the early days of South African gold mining, the crude bullion produced had to be shipped to London for refining. However, the year 1909 was the first step on our journey of independence when the Transvaal Chamber of Mines founded the Witwatersrand Co-operative Smelting Works, to treat the gold and silver bearing by-products from reduction works.

On 27 November 1920, Rand Refinery Limited was registered as a private company with initial capital raised from shares limited to gold mining companies that were members of the Chamber of Mines.

Throughout our journey to independence we constantly strive to put both our local and international clients top of mind and continue to pursue valuable change in everything we do.

Our Journey So Far

With almost 100 years of rich heritage, we have built strong relationships based on integrity and ethics, strived beyond our humble beginnings at the foot of Africa and achieved many global firsts.

We commit to constantly pursue valuable change in everything we do, from helping young and talented jewelers realize their potential. We continue to grow Rand Refinery, while doing our part to decrease South Africa’s high unemployment rates.

Going forward, we will strive harder and further – expanding our expertise exponentially, adding value beyond measure, exploring new and untapped markets and establishing key global partnerships and alliances.

Our People

Integral to driving our pursuit of excellence and constantly refining our offering are the people of Rand Refinery. We enjoy exceptional long-term loyalty matched with talent and immense experience. And as a result, we have built long-term customer relationships in the process.

See our Employment Equity Policy.

Our Values

To create value change, we first have to instil a set of shared beliefs within our organization. Our values have been developed in consultation with our employees:
Values_mindsets_web

Our Mindset

  • SSHEQ – “I take personal responsibility for security, safety, health, environment and quality”
  • Accuracy and precision – “Every milligram counts for me”.
  • Delivery Culture – “I am accountable, and results orientated”
  • Ubuntu – “I am honest, respectful, mindful of our diversity and behave with integrity in my daily interactions.”

Policies and Procedures

Rand Refinery’s values provide the framework for the development, implementation, maintenance, monitoring and review of company policies and procedures.  There are several policies but contrary to the why we do business are:

Environmental Sustainability Governance

Rand Refinery is passionate about improving the lives of people and our communities by making a positive difference and contributing towards the wellbeing of those around us.  Our aim is to:
  • To help alleviate poverty
  • Safeguard good health and well being
  • Stimulate quality education
  • Encourage gender equality
  • Empower industrial innovation
  • Develop sustainable communities
  • Ensure responsible consumption and production
Rand Refinery has a well-established Gold Zone on its premises on which it hosts the Jewellery Village. The aim of the Jewellery Village is to create an environment which will enable local communities to participate in skills development, jewellery design and manufacturing. The main Jewellery benefactors of this village are: