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Facebook director, consultant join Ivanhoe board

Ivanhoe Mines has appointed two high-profile, Johannesburg-based female business leaders to its board as independent directors.
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Nunu Ntshingila and Martie Janse van Rensburg have been appointed to Ivanhoe Mines’ board

Staff reporter

Nunu Ntshingila is the regional director of Facebook Africa. She previously worked as director of communications for Nike South Africa and became chair of Ogilvy & Mather Africa during nearly 16 years with the agency.

Chartered accountant Martie Janse van Rensburg has worked as a consultant since 2008 and was previously CEO of South Africa's Trans Caledon Tunnel Authority.

Ivanhoe co-chairman Robert Friedland said the pair each had more than 25 years' business experience with Africa-based companies and he looked forward to working with "such accomplished business leaders".

"Nunu and Martie's unique African experience and insights will add tremendous value at Ivanhoe, where we continue our strategic effort to empower a new generation of highly-skilled women," Friedland said.

He and co-chair Yufeng "Miles" Sun noted the two appointments were in keeping with the company's objective to have its board comprised of a majority of independent directors and to increase female representation at board level.

Ivanhoe is advancing the Kamoa-Kakula copper project in the Democratic Republic of Congo, the Platreef polymetallic project in South Africa and the former Kipushi mine in the DRC.

The company this week reported a total comprehensive loss of US$76.3 million for the six months to June 30, compared to an income of $11.5 million for the same period in 2019.

It said the comprehensive loss included an exchange loss on translation of foreign operations of $53.9 million, resulting from the weakening of the South African Rand by 24% over the first half, compared with an exchange gain on translation of foreign operations recognised for the same period in 2019 of $5.8 million.

Ivanhoe had about $545 million in consolidated working capital at June 30, with $496.2 million in cash and cash equivalents.

Its shares (TSX: IVN) reached a one-year high this week of C$5.14 and closed at $5.05 yesterday, capitalising it at $6 billion (US$4.5 billion).

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