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The company informed the market today that Harwood’s resignation would take effect immediately.
Universal’s board has appointed non-executive director John Hopkins to assume the role of non-executive chairman.
Universal said Harwood had been an important asset to the company.
“The company recognises the substantial effort of Tony, who took the company to IPO and has in his role of executive chairman, overseen the proving up of some 600Mt in JORC resources since IPO in December 2010,” Universal said.
Universal is focused on its two flagship assets in South Africa, the Kangala project and the Berenice-Cygnus coking coal project.
Development on the Kangala thermal coal mine is scheduled to begin mid-2012, with first production tipped for the second half of 2013.
The company is also close to executing a coal supply agreement with Africa’s largest power utility company Eskom, which will see Universal supply 2 million tonnes per annum of coal for an initial eight years.
