Barend Petersen is new CEO of DBCM

Barend Petersen is appointed as CEO of De Beers Consolidated Mines (DBCM), as announced by De Beers recently. He was first appointed to the DBCM board in August 2002. Barend Petersen will assume office of CEO from 1st April 2010 and succeeds David Noko who stepped down at the end of March 2010.

In addition to his role as CEO of DBCM, Barend Petersen also heads up the South African mining interests of the De Beers Family of Companies. Chairman of DBCM, Nicky Oppenheimer, said “As shareholders we are delighted that Barend has agreed to lead DBCM into the next stage of its evolution. Having Barend join us as CEO from the DBCM empowerment shareholder, Ponahalo Investment Holdings, brings with it new insights and is another first for De Beers.”

Barend Petersen is holding meetings with the mine and corporate leadership of the company and with its mine management and employee representatives to known their views on the business. He said, “De Beers Consolidated Mines is in a position where today it can meet the new challenges it faces with confidence, having successfully weathered the challenges posed by the global recession.” He further added “We are embarking on the next stage of the strategic journey of this iconic company. We will continue to improve on our efficiencies in both financial and production terms, containing costs while increasing production to meet the rising demand for diamonds. We recognise that the strong local currency adds rigour to the challenges facing management. The reality of the strong Rand is one we must manage in order to succeed in achieving our business sustainability strategy which we are currently engaged in developing."

Barend Petersen is a chartered accountant, and is non-executive director of Anglo American South Africa, director of De Beers société anonyme, the holding company of the De Beers Group, chairman of the Audit Committee of De Beers Consolidated Mines and a member of the Audit Committee of De Beers société anonyme. He holds a stake in Ponahalo Capital, which has a 50 percent stake in Ponahalo, which owns 26 percent equity interest in De Beers Consolidated Mines. He has also had a wide involvement in De Beers Consolidates Mines, and in the De Beers Family of Companies. He is also chairman of Sizwe Business Recovery and a former member of the Public Accounts and Auditors Board of South Africa.

Gareth Penny, De Beers Group CEO, commented “Barend joins us as CEO at an important time as the demand for diamonds, which we have witnessed in the past few months, appears to be gradually recovering. I am confident that Barend will make as significant a contribution to De Beers in his executive role as he has made in his non-executive role in the past decade.”