The new Board of Kingsrose Mining is undertaking a comprehensive review of the company and its operations which is focused on delivering a long term and low cost mining operation which extracts full value for all stakeholders of the highly prospective Way Linggo Project in Sumatra, Indonesia. This process is nearing completion.
In a statement the company said, “The recent appointment of a new Board and management team following the cessation of external administration was a significant step in the transfer of operational and management control of the company back to shareholders.”
The Board deemed it prudent to complete this review prior to the re-instatement of trading in the company’s securities on the ASX.
ASX requires the company to satisfy a number of conditions for the re-instatement to the official list. This was anticipated to occur around September 15, 2017. ASX has agreed to extend this to December 15, 2017, giving Kingsrose sufficient time to complete its operational review. However, it is anticipated that re-instatement of trading on ASX is expected to occur before this date.
On August 16 the company announced changes to its Board of Directors. Roderick McIllree was appointed as an independent, non-executive chairman, replacing John Morris, who remains on the Board as a non-executive director.
Roderick McIllree is a geologist with a deep understanding of narrow-vein, high-grade gold deposits within the broader Asia Pacific region. He is currently managing director of BlueJay Mining PLC, which is listed on the London Stock Exchange.
In addition, Dr Michael Andrews was appointed as a non-executive director. He is a geologist with more than 35 years’ experience, much of which has been in Indonesia. He was a founding director of Kingsrose and played a key role in the development of the original Way Linggo underground mine up until 2010.
Grant Mills has also been appointed as an independent non-executive director. He has extensive commercial experience in a range of industries, including mining and manufacturing, particularly in Asia.
The company said, “The Board has been specifically selected to provide a diverse range of complementary skill sets to ensure the future stability and growth of the company as optimisation of the operations at the Way Linggo project continue. The Board will provide oversight of a new executive team, recently put in place to manage the day-to-day operations on site.”
John Morris said the Board appointments would ensure Kingsrose had the skills and experience to drive the next phase of its turnaround strategy.