With the coal market depressed, MetroCoal has focused recently on its 90% acquisition of Cape Alumina this month, and expects to compulsorily acquire the rest by mid next month. MetroCoal will now work on progressing the Bauxite Hills project in Cape York with its name changed to reflect the change in focus.
Simon Finnis will join the group as CEO as of January 15 from his role as CEO of Grande Cote mineral sands operations in Senegal, his most recent role in a 28-year career working all over Australia in both underground and open cut mines.
Former MetroCoal CEO Mike O’Brien, the 35-year industry veteran who has been with the company since it listed on the Australian Securities Exchange, and who will continue with the company as project director, told International Coal News: “Our view is that the coal market will recover, the question is when; but while we wait we’ll focus on the bauxite.”
Scott Waddell will step down as acting CEO of Cape Alumina and continue as chief financial officer and company secretary of MetroCoal.
The name change to Metro Mining is expected to be ratified at today’s AGM.
Finnis has been operations manager for the Pooncarie mineral sands project, redevelopment of the Gold Ridge mine in the Solomon Islands and as CEO of Global Resources Corporation.
Given Finnis' recent experience through feasibility, construction and commissioning of both new and brown fields' operations, MetroCoal chairman said Stephen Everett said he was considered an ideal candidate to bring Bauxite Hills on line in “the shortest time frame possible, and in the most cost effective manner”.
“His corporate experience is an additional benefit to Metro,” Everett said.
Both Cape Alumina and MetroCoal were spun out of Metallica Minerals in 2009.
