The Minerals Development Company Botswana (MDCB) has announced the immediate departure of Chief Executive Officer Paul Smith. In the interim the company has appointed Sebetlela Sebetlela as the Caretaker Chief Executive Officer. “The Board wishes to thank Paul Smith for his efforts in taking the company to where it is today and wishes him well in his future endeavors. The Board extends appreciation to Sebetlela for accepting this important transitory role. The Board has confidence in his abilities and that of the current team to execute the MDCB strategic objectives and deliver value to the shareholder,” said the company in a statement on Wednesday. It was not immediately clear whether he has been sacked or left at his own will. Under his watch, MDCB has among others overseen the closure of BCL mine which left over 6000 employees jobless.
Minerals Development Company Botswana (Pty) Ltd is a mining investment holding company wholly owned by the Government of Botswana. The company has been established to optimise returns to Government, in a socially and environmentally responsible manner. This will be achieved by amongst other things, effectively managing and maintaining an optimal portfolio of investments in mining both in Botswana and internationally. The company shall have full capacity, rights, powers and privileges within and outside the country to undertake any business, or enter into any transaction in the global mining industry. The vision of the company is to be a globally competitive holding company, actively growing the Government of Botswana’s investments in minerals for economic and social benefit to Botswana, ensuring best business practice.