This means he will also act as Lemur’s chief executive officer.

The company has revised its agreement with Sergeant and will pay him $312,000 a year. According to Lemur’s 2012 annual report, Sergeant was getting paid $240,000 per year, plus 9% statutory superannuation.

Lemur is headquartered in Perth, Western Australia, and has significant coal assets in Madagascar.

It plans to develop a thermal coal mine at its 99%-owned Imaloto project in the Imaloto Coal Basin in Madagascar.