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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
Chief Executive Officer

Dean Subramanian
Chief Financial Officer

Independent Non-Executive Directors

Teddy Daka
Independent Non-Executive Chairman

Fatima Daniels
Independent Non-Executive Director

Non-Executive Directors

Dr Harry Ephraim Mashego
Non-Executive Director

Vitesh Maharaj
Non-Executive Director

Marthinus (Martin) van der Walt
Non-Executive Director

Anusha (Rene) Pillay
Non-Executive Director

Mpho Mashatola
Non-Executive Director

Alexander (Alex) Horne
Non-Executive Director

Mudiwa (Jimmy) Gwisai
Non-Executive Director

Alternate Directors

Herman Perry
Alternate Director

Ryno Bornman
Alternate Director

Sharika Balram
Alternate Director

Executive Committee

Collin Naicker
General Manager: Smelter and Engineering Services

Peter Bouwer
General Manager: Refinery and Fabrication

Terance Nkosi
Chief Technical and Sustainability Officer

Unathi Sihlahla
General Manager: Human Resources

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 over a 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:

For more details on our ESG initiatives / reporting – for example Covid response, BBBEE, community engagement, Governance, Environment (Water, Energy usage etc) – please see the relevant sections of our annual report:

Annual Report 2020
Annual Report 2021

Annual Reports
More Information
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Praveen Baijnath

ChemEng, MSAIChe, MBA, PMD

Chief Executive Director

Mr Baijnath was appointed as the CEO of Rand Refinery in June 2015. His other directorships include PB, a joint venture between Rand Refinery and the SA Mint, the Ekurhuleni Jewelry Project and was appointed on the LBMA Board effective 6 July 2022.

Mr Baijnath is a chemical engineer with 31 years’ experience in minerals beneficiation and the chemicals process industry and is a member of the SA Institute of Chemical Engineers and the SA Institute of Directors. Mr Baijnath serves as a member of the SEC.

Dean Subramanian

BCom, Hons Acc, CA (SA)

Chief Financial Officer

Mr Subramanian is a chartered accountant with extensive CFO and finance- executive experience and was appointed as CFO of Rand Refinery in August 2018.

Mr Subramanian held various positions in the banking, construction, aviation and property industries, in companies listed on the JSE. He has extensive experience in Africa and served his articles at Ernst & Young in Johannesburg, from where he was seconded to New York.

Teddy Daka

Master of Business Administration and a BA in Business Management
Appointed on 1 May 2023

Independent Non-Executive Director

Mr Daka is an entrepreneur and global businessman. He is currently the CEO of Zutari and the former Global Chairman of Zutari’s legacy company, Aurecon. Mr Daka has extensive non-executive director experience, having chaired both local and international boards, including listed companies and state-owned corporations (SOC) in diverse industries, with a focus on entrepreneurship. He was appointed as an independent non-executive director, Chairman of the Board and Chairman of the Remuneration and Nominations Committee on 1 May 2023.

Fatima Daniels BSc, CA (SA)

Independent Non-Executive Director After several years in the auditing profession, Ms Daniels lectured in financial accounting before spending over a decade in various corporate positions. Ms Daniels was appointed as independent non-executive director in June 2012 and serves as the Chairman of the ARC.

Harry Ephraim "Mashego" Mashego

BA (Education), BA (Hons), (Human Resources Management) Joint Management Development Programme, Global Executive Development Programme, United Nations Global Leadership Award Recipient (March 2023)

Non-Executive Director

Mr Mashego was appointed an executive director of Harmony in February 2010 and is also a director of numerous Harmony Gold subsidiaries. He was appointed a non- executive director of Rand Refinery in August 2017 and is the Chairman of the SEC.

Vitesh Maharaj BSc

Non-executive Director

Mr Maharaj is currently senior vice-president of technical at AngloGold Ashanti and has both multi-product (diamonds, gold and platinum) and multinational exposure with a deep understanding of all facets of the mining business. Mr Maharaj joined Rand Refinery in May 2021 as a non-executive director and is a member of the SEC.

Marthinus (Martin)
van der Walt

Non-Executive Director

Martin is currently the acting senior vice-president and head of finance of the South Africa gold segment at Sibanye Stillwater Limited.  Martin joined Rand Refinery in October 2021 as a Non-Executive Director and is a member of the ARC and SEC.

Anusha (Rene) Pillay

MBA, Bachelor of Commerce, National Diploma, Certificate in Accountancy, CIA

Independent Non-Executive Director

Ms Pillay is currently the Senior Vice-President Regional Services SA Region at Sibanye Stillwater Limited. Mrs Pillay joined Rand Refinery in December 2022 as a non-executive director and is a member of the RemCo.

Mpho Mashatola BAccSci, CA (SA)

Non-executive Director

Financial and Business Development Manager at DRDGOLD. Ms Mashatola joined Rand Refinery in February 2019 as an alternate non-executive director, and following Mr Burrell’s retirement, was appointed as a non-executive director on 1 April 2024, and as a member of the Audit and Risk Committee on 20 August 2024.


Alexander (Alex) Horne

B.Eng. (Extractive Metallurgy), MBA (Masters in Business Administration)

Non-Executive Director

Mr Horne is currently the Senior Vice-President Processing at Sibanye Stillwater Limited. Mr Horne joined Rand Refinery on 21 June 2024 as a non-executive director.

Mudiwa (Jimmy) Gwisai

BCom (Hons), MBA (Masters in Business Administration), CA(SA)

Non-Executive Director

Mr Gwisai is currently the SVP Group Controller at AngloGold Ashanti. Mr Gwisai joined Rand Refinery on 1 October 2024 as a non-executive director.

Herman Perry CA (SA)

Alternate Non-executive Director

Mr Perry was appointed executive: Treasury at Harmony Gold Mining Company Limited in September 2018. A chartered accountant with over 20 years’ experience in the finance and treasury functions of various gold mining companies, he also serves as director of certain Harmony Group companies. Mr Perry was appointed as an alternate non-executive director to Mr Mashego in July 2016.

Ryno Bornman

MBA (Masters in Business Administration)
Alternate Non-Executive Director

Mr Bornman is the Financial Manager of Ergo Mining Proprietary Limited. Mr Bornman was appointed as an alternate non-executive director Ms Mashatola on 1 April 2024.

Sharika Balram

BCom (Hons), CA(SA)

Alternate Non-Executive Director

Ms Balram is currently the VP Group Controllership at AngloGold Ashanti. Ms Balram joined Rand Refinery on 1 October 2024 as an alternate non-executive director to Mr Gwisai.

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 28 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. Since 1 November 2016, Collin has taken on the executive role of General Manager: Smelter and Engineering Services.

Peter Bouwer

General Manager: Refinery and Fabrication

Peter’s career initially commenced in 1992 as junior engineer with Sasol Secunda in the engineering department, with later roles in the business process information and strategy departments.  From 2004 he held positions in strategy develop at Sasol Technology, Sasol Head Office and Sasol Petroleum International before joining Rand Refinery in 2010.  In his various roles, Peter has worked in the fields of electrical and instrumentation engineering, process control systems, business information systems, business intelligence, corporate strategy development, operations management and manufacturing. His business experience spans the coal mining, energy and petro-chemical industries, upstream oil and gas industries as well as the precious metals refining industry.

Peter was appointed to the position of Chief Strategy Officer of Rand Refinery with effect from March 2010.  From 1 December 2014 he fulfilled the role of Chief Operating Officer of Rand Refinery with the appointment into his current role as General Manager: Refinery and Fabrication from 1 November 2016. Peter also served as director on the board of the Ekurhuleni Jewellery Project (EJP) NGO.

Peter has a passion to find the synergy in teams that will unlock desired performance and meaningful work experiences for every team member.

Terance Nkosi

BEng (Chemical), BEng Honours (Environment), IMDP, PGDip (Human Sciences), MBA, MPHIL
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 November 2024, his job was changed to Chief Technical and Sustainability Officer, with the goal of enhancing the technical and sustainability among compliance matters and government relations. In 2012, Terance was nominated as the rising star in the minerals and mining category and received the recognition of “pay it forward” as a leader in 2022 and 2024 that uplift community. Since the commencement of his career, he has been involved in the successful completion of several capital projects.

Unathi Sihlahla

BA Hons Industrial Psychology, BA Human Resource Management

General Manager: Human Resources

Unathi holds an Honours Degree in Industrial Psychology from UNISA and has also completed a Bachelor’s Degree in Human Resource Management from Nelson Mandela University. She is an experienced HR professional with extensive experience in using Strategic Human Resources to drive value creation. Unathi has worked across a variety of different industries with vast geographical coverage – mainly multinational companies where she has provided HR support to the local South African market and the African continent with some regional responsibilities in EMEA. Her career started in the Uitenhage plant of Volkswagen Group South Africa, she has worked for and occupied generalist and niche HR positions in companies such as Sasol Limited, the JSE, ABB South Africa, BASF and Roche Diagnostics.

Unathi was appointed to the position of General Manager: Human Resources of Rand Refinery with effect from 1 March 2021.

Alexandra Strobl (46) CA (SA)

Non-executive Director – Alternates

Alex has in-depth mining operational African experience gained during her 16 years employment at AngloGold Ashanti focussed on the Continental African operations. She has previously been employed both at mine sites and at regional level in a senior financial management capacity and also led the Continental African regional supply chain function for 3 years. In 2019, Alex was appointed vice-president: group financial reporting.

Alex qualified as a charted accountant in 2009 after completing her articles at KPMG. Alex is an alternate director to Ian Kramer.

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.

Ian Kramer (50) CA (SA)

Non-Executive Directors

Ian qualified as a charted accountant in 1993. He spent 20 years at KPMG, 11 years as an external audit partner as part of KPMG’s mining group. During this time he was seconded to Canada and subsequently appointed the KPMG head of mining for Africa. Ian joined AngloGold Ashanti in 2012 as vice- president: finance. He was promoted to senior vice- president: group finance in 2019 and interim chief financial officer from September 2020. Ian has considerable experience in IFRS as well as US GAAP.

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.

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.

Independent Bodies

Available from:

100g and 1000g Purity can vary from 9950, 9990 to 9999

International Bullion Banks


Responsible gold and silver policy statement

Rand Refinery is opposed to activities which, directly or indirectly, finance or benefit armed conflict and the extreme levels of violence which contribute to abuses of human rights. Rand Refinery is also committed to sourcing mined gold from operations which conform to internationally-accepted environmental practices.

Consequently, Rand Refinery commits to refraining from knowingly sourcing gold and silver bearing material from regions and operations which contribute to the financing of conflict or the degradation of the environment and further commits itself to comply with the relevant United Nations sanctions, recommendations and protocols from other appropriate supra-national bodies, in this regard.

In the event that gold and silver bearing material is sourced from conflict-affected and high risk areas, Rand Refinery will neither tolerate nor by any means profit from, contribute to, assist with or facilitate the commission by any party of any forms of inhuman treatment, any form of forced labour, use of child labour, gross human rights violations, war crimes or other crimes against humanity.

Rand Refinery will not tolerate any direct or indirect support to non-state armed groups through the extraction, transport, trade, logistical assistance, handling or export of gold and silver bearing material by such groups or their affiliates. Rand Refinery will apply a robust Know Your Customer (KYC) policy in order to identify upstream suppliers where dealings with such suppliers would be in contravention of this policy, would represent money laundering or other related criminal activity. Rand Refinery will not engage with suppliers identified in this way and will not accept refining or smelting deposits from such suppliers.