- Leadership and board changes implemented
- Wrapping up DFS for historic Woodlark Island gold project
- Preparing to transition toward execution, construction and operations
- Increasing international interest in resource development and infrastructure investment in PNG
Geopacific Resources (ASX GPR) has made significant senior leadership team and board changes as it advances toward completion of the definitive feasibility study (DFS) for the historic Woodlark gold project in Papua New Guinea.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
New MD, Hamish Bohannan, brings extensive experience delivering mining projects from study through construction into operations and is well positioned to lead Geopacific through its next phase of growth.
Rowan Johnston has been appointed non-executive chairman with Graham Ascough transitioning to non-executive director.
Mr Johnston is an experienced corporate mining executive with track record of delivering value from discovery to production. He has worked with challenging assets over the past two decades and has built and refurbished four processing plants.
James Fox has chosen to step down as CEO.
Mr Ascough said as the company moves through the final stages of the DFS and transitions toward execution, construction and operations, the board determined that a leadership restructure was appropriate to align capability with the next phase of the company’s strategy.
“Completion of the DFS for the Woodlark gold project will represent a significant milestone for Geopacific and reflects the substantial progress made under James’ leadership,” Mr Ascough said.
“As the company transitions toward development, construction and operations, the board is focused on ensuring the appropriate leadership is in place for the next phase.
“We thank James for his contribution in advancing Woodlark to a development‐ready position, and for his commitment to a smooth transition. The board wishes him well in his future endeavours.”
Former CEO, James Fox, said the transition comes at a time of increasing international interest in resource development and infrastructure investment in PNG, reflecting the country’s growing strategic importance as a destination for large-scale resource projects and a key supplier of precious metals to global markets.
“The Woodlark Project is well positioned to contribute to this development landscape while delivering long-term value for shareholders and stakeholders in PNG.”
Geopacific recently hit another milestone with an approval by the PNG Conservation and Environment Protection Authority (CEPA) of amendments to an environment permit, reflecting an updated project plan ahead of the completion of the DFS.
The site of a global gold rush in the 1890s, the remote Woodlark Island mine was a major producer for several years before being shut down when the Japanese invaded the area during World War II.
In recent years the remote location and the impact of Covid has stalled Geopacific’s plans to develop the 1.6 million ounce asset, but now, with renewed support from the PNG government, it is firmly back on track.
GPR is steady at 4.7¢. Mkt cap $157.0M.
Join the discussion: See what Hot Copper users are saying about Geopacific Resources and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.