THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.
Appointment of chief executive officer
Yellow Rock Resources (ASX: YRR) announced the appointment of David ‘Lorry’ Hughes as chief executive officer.
Hughes is an economic geologist and corporate executive with over 20 years’ experience in Australia and internationally across all aspects of the resources industry.
He is a geology graduate from Curtin University in Western Australia and has worked in a number of roles in Australia in various gold, uranium and base metal mining operations including technical services manager of the Ranger Uranium Mine in the Northern Territory for Rio Tinto.
More recently, Hughes was managing director and CEO of ASX-listed South Boulder Mines where he oversaw the discovery and initial development of the Colluli potash project in Eritrea.
In addition he managed STB’s Australian exploration portfolio, which resulted in the Rosie Ni-Cu-PGE discovery by JV partner Independence Group in the Duketon Greenstone Belt Western Australia.
Managing director resignation & appointment
Admiralty Resources (ASX: ADY) has accepted the resignation of Hanrui Zhong as managing director and CEO. Zhong remains on the board as a non-executive director.
Admiralty has appointed Mrs Qing Zhong as managing director and CEO.
Mrs Zhong has been involved in capital management and investment businesses for over 10 years.
During that time she has held several senior management positions in private companies in Shanghai, China, engaged in property investment and development.
She has been responsible for mining investments in Mexico and Australia, and currently holds a directorship in MNKO Resource Company in Mexico.
Mrs Zhong is also director of Jin Xin International Pty Ltd, Sun Investment Pty Ltd and Sino Mining Holdings Pty Ltd in Australia, and holds a degree from the Shanghai Normal University of Arts.
Managing director resignation
Marmota Energy (ASX: MEU) announced that Dom Calandro has resigned as managing director.
Calandro has been MD of Marmota since 2007 and was instrumental in driving the strategy of the company, including the building of a healthy portfolio of South Australian exploration assets, a highlight of which has been recent high-grade copper results at its West Melton project on the Yorke Peninsula of South Australia.
Marmota is conducting a search with the intention of appointing a new MD in the near term.
In the interim, Virginia Suttell, the company’s chief financial officer, has been appointed acting CEO.
Appointment of chief executive officer
Celamin Holdings (ASX: CNL) announced the appointment of Nicholas Clift as chief executive officer with full authority to manage the company’s affairs and drive the progression of the bankable feasibility study for the Chaketma phosphate project in Tunisia.
David Regan has retired as managing director and will remain as an executive director to focus on advising and assisting Clift with issues around the company’s future capital needs.
Appointment of executive director
Global Resources Corporation (ASX: GRM) has appointed Mark Savich as an executive director.
Savich has been a non-executive director of the company since 2012 so it anticipates he is well positioned to undertake this executive role.
Savich is a Chartered Financial Analyst with over 10 years of experience dealing with the technical and corporate aspects of resource companies, from explorers to producers.
Most recently he has been a resources analyst at Blackswan Equities.
He is expected to formally commence his executive role in July 2014.
Board changes and appointment of interim CFO
Pluton Resources (ASX: PLV) has restructured its Board of directors and management.
The company announced the resignation of Richard Mehan as chairman and director and Tony Schoer and Russell Williams as non-executive directors and the appointment Dr Paul D’Sylva as a director and interim chairman.
Dr D’Sylva is a founding director of Empire Equity Limited, where he has led and arranged over $500 million in funding transactions for a diverse range of resource and energy companies in equity, debt and structured financings on a proprietary basis as well as from a network of institutional funding partners.
Michael Wyer has been appointed as interim CFO of the company.
Emergent Resources (ASX: EMG) has appointed Faldi Ismail, to its Board of directors.
Ismail is currently the CEO and deputy chairman of Kalimantan Gold Corporation, director of ASX listed companies WHL Energy (ASX: WHN) and Style Limited (ASX: SYP).
He is also founder and operator of Otsana Capital, a boutique advisory firm specialising in mergers and acquisitions.
Patrick Burke has resigned from the Board of directors and will also be stepping down as company secretary with effect from 30 June 2014.
Kevin Hart will take up the position of company secretary from this date.
Restructure of Board and Management
Auroch Minerals (ASX: AOU) has shuffled the seating arrangements around the company’s Boardroom table.
Dean Cunningham will step down as managing director, but will remain on as a consultant assisting in securing ongoing project financing from South African Banks.
Glenn Whiddon will become executive chairman.
Professor Jim Porter is to assume the role of chief operations officer while the company also announced the appointment of Nicholas Ong as non-executive director.