BLACK-OWNED ferrochrome company Merafe Resources said yesterday Steve Phiri would be stepping down as its chief executive with effect from the end of the month.

BLACK-OWNED ferrochrome company Merafe Resources said yesterday Steve Phiri would be stepping down as its chief executive with effect from the end of the month.

But it said Phiri would continue as a non-executive director of the company.

It said Phiri was poised to become the first chief executive of the Royal Bafokeng-controlled platinum company, which has as its main assets the currently operating Bafokeng Rasimone platinum mine and the adjacent Styldrift project.

Stuart Elliot, Merafe Resources' current chief financial officer, will become the new chief executive with effect from next month.

Elliot has been with the company for more than nine years and has been involved in most aspects of the business.

The company said discussions were at an advanced stage on the appointment of a new chief financial officer, and it is expected that the appointment will be announced before the end of this month. - I-Net Bridge