Straits Resources appoints new chairman
Tuesday, November 27 2012 - 03:21 AM WIB
ASX-listed Straits Resources Limited announced the appointment of Adrian Redlich as non-executive chairman of its board, replacing Alan Good who has resigned from the company.
Adrian has recently joined the board of Straits Resources and will bring a new perspective to its future path, the company said in a press statement on Tuesday.
?The Board wish to express their appreciation and thanks to Alan for his chairmanship over the last 5 years. Many difficult decisions have recently been made to reset the cost base and prepare for the new strategic direction of each of the company?s assets,? Redlich said.
The Board have set out 5 key objectives for the coming period. First, on-time and on-budget ramp up of the Mt Muro gold mine in Central Kalimantan to full production in March 2013 in order to achieve production of 100,000koz AuEq in the current financial year.
Second, achieve 25,000 tons of copper production from Tritton in the current financial year, after a period of significant cost reduction and on-site management change.
Third, continue the exploration program at Tritton in order to define an initial reserve at Avoca Tank by March 2013 and test the potential size of the recently discovered Kurrajong prospect.
Four, the separation of copper and gold assets either via a demerger or asset sale.
Five, appoint a new CEO and non-executive director to the board of the company and establish a strong board and management team for the demerged entities.
The new management teams and boards will be specifically skilled and independent to meet the challenges of running an Indonesian focused gold company and separately one of Australia?s ten largest independent copper producers.
The company will further discuss the five objectives at the company?s annual general meeting to be held on Thursday, 29 November 2012.
Editing by Benget Besalicto Tnb