Wednesday, April 24, 2024

Discovery Metals MD quits on company’s management shake-up

Discovery Metals, the ASX/ BSE quoted copper development company, has made the much awaited changes to its board and executive management following last week’s trading halt on the Australian bourse.
The company, which owns the Boseto mine near Maun said its current Managing Director, Brad Sampson will leave at the end of the year. His exit comes on the back of another high profile departure of Chairperson, John Shaw, who left the come at the end of last month.
Discovery claimed Sampson will be pursuing new opportunities in the mining industry. “Mr Brad Sampson will cease his role as the Managing Director and Chief Executive Officer of DML with effect on 31 December 2013,” the company said in a note to market on Monday.
“Mr Sampson will be on extended leave until this time, and will be pursuing new opportunities in the resources sector. Mr Sampson has also resigned as a Director of DML and its subsidiaries.”
Discovery Metals said Bob Fulker, the current Chief Operating Officer, will assume the role of Acting Chief Executive Officer in an interim capacity pending a permanent appointment in due course. Niall Lenahan has also resigned as director of the company.
“The company will immediately commence an executive search for suitable candidates to fulfill the Chairman, Managing Director and additional Non-Executive Directors positions on a permanent basis,” it said.
“It is anticipated that this process will be concluded by the end of the Third Quarter FY14.” Sampson and Shaw worked together at a time when Discovery Metals was a subject of a takeover by Cathay Fortune Corporation (CFC), the major shareholder of the company.
Sampson has been credited for his leadership role of the company over the last five years and in particular for bringing the Discovery Metals’ flagship project, the Boseto copper mine in Botswana, into production on time and on budget.
“I would personally like to thank Brad for his enthusiasm and hard work in leading the company to bring the Boseto project into production, and wish him all success in his future endeavours. I also thank Niall for his services to the Board,” Jeremy Read, Acting Chairman of the company said.
“I am delighted that Bob Fulker will be taking on the Acting CEO position, and the Board is looking forward to working with him to achieve the immediate priorities of the company to further improve production at Boseto and reduce costs across the company.”


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