Elvis has left the building

THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.


Board Changes

Flinders Mines (ASX: FMS) has advised of the resignation, by mutual agreement, of its managing director Gary Sutherland.

Flinders said the Board of Directors intends to appoint a new managing director shortly.

In the interim current non-executive chairman Robert Kennedy will act as executive chairman of the company.

The company said it was committed to the progress of its Pilbara iron ore project and advised that negotiations with interested parties have reached an advanced stage.

“The Board believes that owing to the advanced stage of negotiations with strategic parties, an appointment to the role of managing director of a person having the requisite background to crystallise proposals is of the utmost importance to adding shareholder value,” Kennedy said in the company’s ASX announcement.

“We expect to be able to announce the details of the new appointment shortly and believe this will precipitate some exciting developments for the company.”

Board Changes

Quest Minerals (ASX: QNL) has appointed Paul Piercy as nonexecutive chairman and Jerome G (Gino) Vitale as managing director. Both appointments are effective immediately.

Dennis Gee will continue as a non-executive director, while former chairman Alan Winduss and Robert Molkenthin, who joined the board in December 2012 to fill a casual vacancy, have resigned.

Board Changes

Coal of Africa (ASX: CZA) announced chief executive officer John Wallington will not be renewing his contract with the company by mutual agreement with his executive role ending on 31 May 2013.

Wallington’s three-year contract with CoAL commenced on 31 May 2010.

In addition to his role as the chairman of CoAL, David Brown will become the interim CEO for a maximum period of six months whilst the appointment of a permanent successor will be progressed.

Commenting today David Brown said:

Professor Alfred Nevhutanda, currently the executive director Corporate Affairs, has also by mutual agreement tendered his resignation with effect from 30 April 2013.

Professor Nevhutanda joined the Board in February 2009.

New General Manager of Exploration

Ivanhoe Australia (ASX: IVA) has appointed exploration geologist, Mark McGeough, to the position of general manager – Exploration.

McGeough has over 30 years of experience as a geologist with exploration experience in gold, copper-gold, uranium, lead-zinc, mineral sands and platinum group metals in Queensland, the Northern Territory and South Australia.

He commences his role at Ivanhoe Australia on 1 May, 2013.

Since 2008, McGeough has been the general manager – Exploration for Toro Energy.

Prior to that, as manager of the Government of South Australia’s Geological Survey, he contributed to the success of the South Australian Government’s PACE program (Plan for Accelerating Exploration).

“We are particularly pleased to have secured the appointment of an experienced and capable exploration geologist such as Mark,” Ivanhoe Australia CEO Bob Vassie said in the company’s ASX announcement.

“His experience in the field and also in senior leadership positions will greatly enhance our exploration efforts.

“We firmly believe that exploration is critical to the growth of our company and are excited to have Mark to lead the team forwards from here.”