- Sandfire Resources (SFR) Managing Director and CEO Karl Simich will step down from his role, in line with the company’s next phase of growth
- Chief Operating Officer Jason Grace has been appointed as acting CEO while the company launches a global executive search process
- It comes as the company lifts its production guidance and progresses financing activities
- This includes executing the final documentation for a US$140 million (A$215 million) project finance facility to underpin construction of its new Motheo copper mine in Botswana
- Shares are trading 1.07 per cent lower at $3.71 at 12:48 pm AEST
Sandfire Resources (SFR) has announced a CEO transition as it focuses on achieving several key pillars of its growth strategy.
Managing Director and CEO Karl Simich will step down from his role after 15 years, and the company said it’s a “logical time” for a leadership transition.
Mr Simich said he’s proud of what the company has achieved during his time.
“After what has been an incredible journey over the past 15 years, I believe now is the right time to hand over the reins to a new CEO to take this company forward into the next decade
Chief Operating Officer Jason Grace has been appointed as acting CEO while the company launches a global executive search process.
He will be supported by Chief Financial Officer and Company Secretary Matthew Fitzgerald.
It came as the company lifted its production guidance and progressed its financing activities.
Sandfire is now targeting production levels of between 83,000 and 91,000 tonnes of copper, 78,000-83,000 tonnes of zinc, 6000-10,000 tonnes of lead, 12,000-14,000 tonnes of gold, and 2.2-3.2 million ounces of silver.
Furthermore, the company will reduce its overall debt position from operating cashflows by making scheduled repayments against the financing facility for the MATSA acquisition and the ANZ corporate debt facility.
Additionally, it executed the final documentation for a US$140 million (A$215 million) project finance facility to underpin construction of its new Motheo copper mine in Botswana.
Sandfire said construction activities have advanced and first production is on track for the June quarter of FY23.
In other news, has advanced activities at its DeGrussa operation in WA, with the Processing Extension project due to commence.
Mr Simich said “this will see processing operations continue in Western Australia until early next year, based on processing low-grade stockpiles remaining on site with already sunk mining costs.”
Shares were trading 1.07 per cent lower at $3.71 at 12:48 pm AEST.