JAN du Preez’s acquisitions have had mixed success. The Somkhele anthracite project, which was part of Springlake Holdings bought from the New African Mining Fund in 2005, was the company-maker. Other deals, such as an investment in a base metals explorer in Turkey, Red Crescent, were less successful, but Petmin has at least persisted with its diversification into iron ore after buying a 35% stake in North Atlantic Iron Corporation (NAIC). As benchmark iron ore prices have sunk below $50/tonne, NAIC has had to refine its plans, however. It has discarded the original scheme of being a vertically integrated operation in favour of buying material on the open market for processing. Du Preez has also postponed plans to separately-list NAIC which would have then been unbundled to its shareholders in order to save costs while the project was developed.
LIFE OF JAN
He is the son of Fourie du Preez, who was CEO of Petmin from 1990 to 2002. Jan was part of Petmin’s management team from 1992 and in 2004 led a consortium that bought the old Petmin cash shell. He is a chartered accountant and has a masters of commerce degree in financial management.
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