- Caravel Minerals (CVV) appoints Don Hyma as its new Managing Director, effective November 28
- Mr Hyma has spent the last two years as an advisor to the Caravel board on the company’s copper project feasibility studies and implementation strategies
- He will succeed outgoing Managing Director Steve Abbott, who has been in the top role since 2018
- Meanwhile, the company has received binding commitments from private investors and Executive Director Alasdair Cooke to raise $12 million through a share placement
- Funds raised from the placement will primarily go towards the progression of the Caravel Copper Project’s definitive feasibility study (DFS) and further near-mine exploration
- Shares in Caravel are trading at 21.5 cents at 1:27 pm AEDT
Caravel Minerals (CVV) has appointed experienced resources industry executive Don Hyma as Managing Director, effective November 28.
Mr Hyma will succeed current MD Steve Abbott, who has been in the role since 2018.
The company said Mr Hyma had over 30 years of experience in the development of numerous major projects in base metals and iron ore in Australia, Canada and New Caledonia.
Over the last two years, he has been an advisor to the Caravel board on the company’s copper project feasibility studies and implementation strategies.
His resumé boasts multiple executive roles, including Director, Projects for Fortescue Metals Group, Vice-President, Projects for the Iron Ore Company of Canada and General Manager, Projects for Rio Tinto Iron Ore.
He was most recently Managing Director at ASX-listed Australian Rare Earths.
“Caravel is very pleased to have secured Don to lead Caravel and the Caravel Copper Project as it enters its final feasibility stage and positions itself to making significant steps to becoming a new global copper producer,” CVV Chairman Wayne Trumble said.
“Don has a track record in successfully delivering large-scale resource projects and we look forward to his leadership and engineering expertise combined with a deep understanding of supply chains benefiting Caravel.”
Mr Hyma’s remuneration package includes a base salary of $325,792 per annum, with eight million long-term incentive options exercisable at 31 cents expiring October 31, 2025.
Meanwhile, Caravel has tapped private investors and Executive Director Alasdair Cooke to raise $12 million through a share placement.
Under the capital raise, Caravel will issue 60 million new shares at 20 cents.
Funds raised from the placement will primarily go towards the execution of the Caravel Copper Project’s definitive feasibility study (DFS) and further near-mine exploration.
The new shares are expected to settle on November 22 with allotment on November 23.
Shares in Caravel are trading at 21.5 cents at 1:27 pm AEDT.