Resources veteran Miles Kennedy has tendered his resignation as non-executive chairman at Sandfire Resources which the company said is part of a planned restructure of its Board.
Resources veteran Miles Kennedy has tendered his resignation as non-executive chairman at Sandfire Resources which the company said is part of a planned restructure of its Board.
In recognition of Mr Kennedy's involvement in the establishment of Sandfire and contribution he has made to its development and success, the board has resolved, subject to shareholder approval, to make a one-off payment to Mr Kennedy of $500,000.
A shareholders' meeting will be convened for early in the New Year to approve this payment.
Sandfire chief executive, Karl Simich has been appointed as interim Chairman until an appropriate candidate is identified.
Full announcement below:
ASX Announcement 21 December 2009
SANDFIRE BOARD ANNOUNCEMENT
Sandfire Resources NL advises that Mr Miles Kennedy has tendered his resignation as nonexecutive Chairman as part of a planned restructure of its Board.
The Board has resolved to engage an independent consultant to assist in identifying a suitable replacement as well as additional Independent Non-Executive Directors.
This restructure is designed to ensure that the Board is appropriately structured as the exploration and development of the Company's key asset, the Doolgunna Copper-Gold Project in Western Australia, moves to the next exciting stage.
This will include completion of a maiden JORC resource estimate in the first Quarter of 2010 and the commencement of a Scoping Study on a potential mine development.
In recognition of Mr Kennedy's involvement in the establishment of Sandfire and contribution he has made to its development and success, the Board has resolved, subject to shareholder approval, to make a one-off payment to Mr Kennedy of $500,000. A shareholders' meeting will be convened for early in the New Year to approve this payment.
The Sandfire Board would like to thank Mr Kennedy.
The Company remains focused on maximising the value of the exciting Doolgunna discovery
for shareholders and looks forward to completing the restructure of its Board in a timely
fashion.
Mr Karl Simich has been appointed as interim Chairman until an appropriate candidate is
identified.
