Marengo Mining has appointed current director Pieter Britz as chief executive officer, replacing founding director, president and current CEO Les Emery who has stepped down from the company.
Les Emery, a well-respected and experienced Australian mining executive, founded Marengo in 2002, listing the company initially on the Australian Stock Exchange and subsequently, the Papua New Guinea and Toronto Stock Exchanges, and acquiring the Yandera project in Madang province where the company has been working to develop a copper-molybdenum-gold project for the last eight years.
Under the leadership of Les Emery, Marengo has developed strong working relationships with the local Yandera community and land owners, and the provincial and national governments of PNG. He will assist in the transition to the new senior management team and their introduction to government and stakeholders in PNG.
“On behalf of the Board, our senior management team and employees, I would like to thank Les for his strong leadership, contributions and commitment to the company and the Yandera project over the last 12 years,” says company chairman John Hick.
“With the appointment of Pieter Britz as CEO, as well as the appointment of John Mears as chief operating officer, and the appointment of Alex Dann as chief financial officer, Marengo is well positioned to continue to pursue its goal of the successful development of the Yandera project.”
Pieter Britz is an industrial engineer with more than 20 years’ experience as a mining professional, and has served on the board of a number of resource companies in Canada, Australia and China. He is a registered professional engineer, and a member of AusIMM.
After spending 13 years in mining in Africa with Kumba Resources, Pieter Britz spent 3 years in investment banking with Royal Bank of Canada in Australia, until 2007 when he joined The Sentient Group as an investment professional in private equity. Sentient is the largest shareholder of, and a lender to Marengo.
The new management team’s immediate priority will be to conduct a comprehensive evaluation of the feasibility of the Yandera project. As part of this review, a full geological audit of the Yandera resource, and a program to identify potential higher grade, near surface prospects aimed at significantly improving resource economics, has also commenced.