Jury, who stepped down as managing director of Resource Pacific in February this year upon selling his share of the company to Xstrata, will be joined by former colleague Steve Matthews, who has been appointed executive director of Comdek.
Jury successfully developed the Newpac mine from a small bord and pillar operation to a large longwall mine over three years. The development involved $A300 million in funding and the completion of major mine equipment and infrastructure development.
When Resource Pacific listed in 2004 it had a market capitalisation of $54 million. Xstrata acquired the company this year in a hostile takeover under a $A3.20 per share cash offer, equating to $1.081 billion.
Before founding Resource Pacific, Jury worked for Oceanic Coal Australia, Coal Mines Australia, and Coal & Allied Industries.
Matthews, a former Resource Pacific company secretary and commercial manager, previously worked for Hunter Valley Energy Coal.
Jury will receive a base pay of $400,000 and Matthews $300,000. Both will also receive a number of options, pending shareholder approval.
“Their collective insight and commercial acumen is perfect for the transformation of Comdek into an emerging coal producer,” Comdek chairman Michael Hunt said.
“I am particularly pleased Paul and Steve have demonstrated faith in the company's future by taking much of the reward for their work in the form of equity.
“If they exercise their option entitlements they will together have 15 percent of the company at a cost to them of $34.6 million."
Comdek has purchased a South African company that has the right to earn 70% of three coal tenements containing an inferred resource of 415 million tonnes by spending up to $5 million towards producing a bankable feasibility study.
The properties are located in the Waterberg Coalfields of South Africa and total 3160 hectares.
The company has also purchased 80% of three prospective uranium projects in the African nation of Cameroon.
Comdek shares were trading at 24.5c mid-morning after jumping 17.6% Monday and 22.5% Tuesday.
