KEFI Minerals reshuffle the board to head into gold production
The gold exploration and development company KEFI Minerals has announced an organisational restructure from August 2016, as part of the Company’s transition towards gold production.
KEFI, with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, will appoint Mr Mark Wellesley-Wood, experienced African mining operator, onthe Board as Non-Executive Director.
He will also serve as Chairman of the newly-created Technical Review Committee and Professor Ian Plimer will serve as Chairman of the newly-created Exploration Review Committee. The existing roles of Deputy Chairman and Senior Independent Director will pass from Professor Plimer to Mr Mark Wellesley-Wood as of January 2017.
The Board of Directors’ will establish its two new committees to independently review technical and exploration matters during the Company’s planned rapid expansion. This will allow Mr Jeff Rayner to step down from the Board and to focus on a more free-ranging role to identify value adding opportunities for KEFI’s next stage of development. Mr Rayner will also continue to advise and mentor the exploration team, which remains under Group Exploration Manager, Dr Fabio Granitzio.
These organisational changes represent big steps towards the company’s move into gold production.
Mr Harry Anagnostaras-Adams, Executive Chairman, said: “The planned changes to the Board of Directors announced today reflect our transition from exploration-only to emerging production as well as exploration,”
“KEFI is fortunate to have such a depth expertise from individuals adjusting their roles to suit the changing needs of the Company. We look forward to welcoming to the Board Mr Mark Wellesley-Wood, who has deep experience in African mining operations as well as mining finance in the City.”
KEFI has already installed strong development, community, finance and exploration teams and will next assemble the production operations team. The principal project contractors are market leaders Ausdrill/African Mining Services and Lycopodium.
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.