THE BOURSE WHISPERER: Hillgrove Resources (ASX: HGO) informed the market that Steve McClare is stepping down from his company roles as managing director and CEO.
Hillgrove Resources said the move was in keeping with the company’s scale down of operations at Kanmantoo and the recently-announced sale of the Pumped Hydro Energy Storage (PHES) project rights to AGL Energy Limited (AGL).
Large scale mining at the Kanmantoo open pit copper mine is coming to an end, with 85 employees ceasing employment at Kanmantoo on top of 35 employees who have left and not been replaced over the past few months.
Hillgrove explained the remaining workforce will focus largely on the final extraction of ore from the pit by the end of May and the processing of stockpiled ore during the next 12 months, together with site rehabilitation works, exploration activities and facilitating the development of the PHES project being run by AGL.
Hillgrove Resources chairman John Gooding thanked McClare for his work in establishing a pipeline of growth projects for the future.
“Steve steered the company through some very dark days, but he has inspired our employees with his work ethic and creativity and has always maintained his optimism about, and dedication to Hillgrove,” Gooding said in the company’s announcement to the Australian Securities Exchange.
McClare will clean out his desk on 2 May 2019 to pursue other opportunities, when Lachlan Wallace, who has been General Manager at Kanmantoo since McClare became MD, is appointed to the role of CEO on an interim basis.
Wallace has been with Hillgrove for seven years.
His successor as interim head at Kanmantoo will be Glenn Norris who has been Concentrator Manager since the mine was commissioned.
Hillgrove anticipates both these appointments will be finalised soon.