Aim-listed Caledonia Mining Corporation has announced that John Kelly intends to step down as chairperson of the board with effect from the end of the company’s AGM to be held on May 5.

Caledonia reports that July Ndlovu, currently an independent nonexecutive director, has offered to become the new chairperson, subject to his election by the board.

"I am honoured to be considered for the role of chairperson at an important point in the company's development. The business has strong operating foundations and a compelling growth opportunity in the Bilboes project, which has the potential to take Caledonia into its next stage of growth,” Ndlovu says.

Kelly, who joined the board in May 2012 and has served as chairperson for the past three years will, providing he is re-elected as a director of the company by shareholders at the AGM, continue to serve on the board as a nonexecutive director, thus providing continuity and the ongoing benefit of his experience and insight.

During his tenure as chairperson, Caledonia says Kelly has guided the board through a significant period of transition and change at Caledonia, providing stewardship over the continued operational delivery at the company’s Blanket mine, in Zimbabwe, while supporting the advancement of the company's growth strategy.

"It has been a privilege to serve as chairperson over the past three years, and to have supported the company through a period of significant transition and change.

“Caledonia is well positioned for the future, underpinned by the strong performance of Blanket mine and the progress being made towards Caledonia's next phase of growth. I have no doubt that July as chairperson will enhance the prospects for our continued success.

“I look forward to continuing to support the board and management as a non-executive director and to working closely with the new chairperson,” says Kelly.

"I would also like to thank John, on behalf of the board, for his leadership and guidance as chairperson.

“I am very pleased that he will continue to serve as a nonexecutive director, and I look forward to working closely with him, the board and management team to help guide the company through this next phase and to deliver long-term value for shareholders,” says Ndlovu.

"On behalf of the board and management team, I would like to thank John for his contribution and counsel over many years, and particularly for his stewardship as chairperson over the past three years during a period of change for the company,” adds Caledonia CEO Mark Learmonth.

“His guidance and focus on governance and strategic progress have been invaluable, and I am glad that he intends to remain on the board.

“I look forward to working closely with July once he is formally elected by the board as chairperson as we continue to advance Caledonia's strategy, including the development of the Bilboes project,” Learmonth adds.