Join our daily newsletter At The Bell to receive exclusive market insights
- Australian Mines (AUZ) appoints Michael Holmes as its new Chief Executive Officer, effective immediately
- Mr Holmes is a mining engineer with more than 30 years of experience working in Australia, New Zealand, the Philippines and North and South America
- AUZ says it believes Mr Holmes has the skills and background to lead the company through the next stages of development at its Sconi project in Queensland
- Les Guthrie has been acting as interim CEO since May and will now return to his previous role as a non-executive Director on the AUZ board
- Australian Mines last traded at 8 cents on September 2
Australian Mines (AUZ) has appointed Michael Holmes as its new Chief Executive Officer, effective immediately.
Formerly the President and CEO of Toronto Stock Exchange-listed OceanaGold, Mr Holmes is a mining engineer with more than 30 years of experience working in Australia, New Zealand, the Philippines and North and South America.
The new CEO was also the Chief Operating Officer of OceanaGold, and prior to his time there, he was the General Manager of Minera Alumbrera Operations in Argentina.
Mr Holmes also held several mine management positions in Australia, including General Manager of Mount Isa Copper Operations.
Australian Mines Chairman Michael Ramsden said he believed Mr Holmes had the skills and background to continue discussions with potential major strategic sponsors and lead AUZ through the next stages of development at the Sconi project in Queensland.
Les Guthrie has been acting as interim CEO since May and will now return to his previous role as a non-executive Director on the Australian Mines board.
In joining AUZ, the new CEO will receive a fixed yearly salary of $500,000.
Mr Holmes is eligible to participate in any short-term incentive that may be made at the
discretion of the board, and if awarded, these will comprise an amount equal to 75 per cent of his annual base salary.
The initial KPI determined for Mr Holmes’ first 12- months in office is to secure an investment of a minimum of US$15 million (A$22 million) from a major project sponsor for the Sconi project.
Additionally, Mr Holmes will be able to participate in any long-term incentive (LTI) schemes.
The initial LTI for the 2023 financial year comprises the grant of four million performance shares, under the Australian Mines Loan Share Plan, under which Mr Holmes will be invited to acquire these shares at market value.
Mr Holmes will be able to sell these shares subject to key milestones based on total shareholder return and a final investment decision for the Sconi project by the end of June 2025.
Australian Mines last traded at 0.8 cents on September 2.
