This is due to a strategic review process that was put in motion as delays in the group's Burnstone operation threaten the group's short term liquidity position. Dippenaar is the latest gold mining company CEO to fall, following closely on the heels of Barrick's Aaron Regent and Kinross's Tye Burt.
Mineweb's Lawrence Williams pointed out recently that the fact that other gold mining company CEOs have resigned in recent months, "is indicative of how difficult it is to operate in the sector at the moment and keep the major shareholders happy." Speaking on Mineweb's Gold Weekly podcast last week, Hallgarten & Co, analyst Chris Ecclestone said that CEOs "are going to be losing their heads like it's the French Revolution out there. They're going to be chopped left, right and centre."
According to Great Basin, the review is aimed at "preserving and enhancing shareholder value in light of the continuing financial [and operational challenges] experienced particularly with the production ramp-up at the Burnstone mine." The much touted project poured its first commercial gold in February of 2011 but has failed to live up to expectations, Mineweb says.
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