Peninsula Energy’s push to become a leading uranium producer is a step closer, following the appointment of Jitu Bhudia as its new chief financial officer.
Peninsula Energy’s push to become a leading uranium producer is a step closer, following the appointment of Jitu Bhudia as its new chief financial officer.
Since April last year, experienced accountant and executive Willie Bezuidenhout had been employed as the company’s chief financial officer, following the departure of Rachel Rees.
Mr Bezuidenhout will now transition into Peninsula’s vice president of corporate operations.
Arriving from Ian Testrow-led Emeco, Mr Bhudia worked as the company’s deputy CFO, where he specialised in both strengthening financial operations and implementing enhanced trade credit practices.
Last month, Emeco told the market its operating net profit had grown by 15 per cent from $33.2 million to $38.3 million, while its statutory profit rose by 73 per cent to $33.6 million – aided by a reset to the company’s business model during the previous financial year.
Peninsula managing director and chief executive George Bauk, who officially began his tenure on January 20, said both men would add enhanced value to the company in their respective new roles.
“Attracting someone of the calibre and experience of Jitu's is a strong reflection of the quality of the Lance operation and bolsters the company’s management team by bringing deep financial experience and a proven track record of driving shareholder value, further strengthening Peninsula’s leadership in the sector,” he said.
“Jitu's passion and proven abilities in building high-performing teams and driving operational excellence will see him play a key role for Peninsula and we are pleased to welcome him to the team and look forward to his contributions.
“I would also like to take this moment to thank Willie for his strong contributions and hard work in his role of interim CFO over the past 12 months, whilst maintaining his corporate development role.
“He has done an outstanding job, playing a key role in the company, and I look forward to working with Willie in his role as VP of corporate development.”
Although production officially got under way at Lance – located in the American state of Wyoming – last December following a revised production guidance, Peninsula advised the market earlier this year it would likely begin produce dry yellowcake at the project in March.
Peninsula shares last traded at 63 cents, down 5 per cent, as of 10.33am AWST.
