- Firefinch (FFX) has appointed Dr Michael Anderson as Managing Director of the company, effective from April 6, 2021
- Michael Anderson comes with over thirty years’ experience in the industry, having previously led investments into West African gold producers at Taurus Fund Management
- The appointment comes with a total fixed remuneration of $550,000 per annum
- Dr Anderson succeeds Dr Alistair Cowden, who previously acted as Executive Chairman and will now resume the role of Non-Executive Chairman
- Firefinch shares are in the grey, last trading at 19.5 cents at
Firefinch (FFX) has appointed Dr Michael Anderson as Managing Director, effective from April 6, 2021.
Firefinch is a Mali-focussed gold miner and lithium developer. It has an 80 per cent interest in the Morila Gold Mine, which has produced more than 7.5 million ounces of gold since 2000.
The appointment comes with a total fixed remuneration of $550,000 per year, plus a short-term incentive of 30 per cent of fixed remuneration (TFR) with a stretch target of 50 per cent TFR. The short-term incentive will be tested yearly against financial and production performance.
A long-term incentive (LTI) of 100 per cent of annual TFR comes with an expiry of three years and will be issued in tranches.
33.3 per cent of the LTI is subject to the share price trading at a 15 per cent premium to its 10-day volume-weighted average price and 33.3 per cent is subject to achieving 250,000 ounces of annual gold production.
Dr Anderson comes with extensive management and technical experience across both Africa and Australia, over a thirty-year career. During his time at Taurus Fund Management, which manages $2.5 billion of funds, he led investment into numerous West African gold producers.
Dr Anderson succeeds Dr Alistair Cowden, who previously acted as Executive Chairman and will now resume the role of Non-Executive Chairman. He will retain carriage of the Goulamina Lithium Project partnering and demerger process until an executive team are appointed to the new lithium company.
“We welcome Michael Anderson to the Firefinch team and I am personally delighted to have such a high-calibre individual to lead the Company during this exciting phase in its corporate life,” said Alistair Cowden.
“Michael brings a proven track record for execution, value creation and understanding of mining projects. Michael is very well known to the industry and the investment community and brings a deep, global investor network. We are thrilled with his appointment.”
Firefinch shares are in the grey, last trading at 19.5 cents at 9:20 am AEDT.