Intrepid CEO resigns amid failure to regain rights to RI gold project
Thursday, August 8 2013 - 07:11 AM WIB
ASX-listed Intrepid Mines Ltd announced Thursday that its CEO Brad Gordon has been headhunted, and will pursue his carreer elsewhere. Meanwhile, the company also said it has made no progress in talks to reclaim rights to a US$5 billion gold and copper project in Indonesia.
Intrepid was kicked off the Tujuh Bukit project in East Java a year ago after its Indoneian partners transferred the leases for the project to a new company, now controlled by Indonesian tycoon Edwin Soeryadjaya.
Intrepid said in a statement that talks with Soeryadjaya has been rebuffed six weeks since the company rejected an attempt by Quantum Pacific, seen aligned with Soeryadjaya, to split the Intrepid board.
?Despite these attempts to seek constructive engagement, Mr Soeryadjaya and his associates have not shown any real interest in reaching a commercial settlement. That being the case, we remain committed to using every legal remedy available to us to restore value for Intrepid shareholders,? the company said.
Intrepid Chairman Ian McMaster will in the meantime act as executive chairman until the company finds a new CEO to replace Gordon, who has led Intrepid?s US$100 million investment in the Tujuh Bukit mine before the company losed the project.
Editing by Reiner Simanjuntak