08/11/2018 - 11:57

Capricorn flags board changes

08/11/2018 - 11:57

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Gold-aspirant Capricorn Metals has announced a board restructure, which includes the retirement of managing director Heath Hellewell and founding director Peter Langworthy.

Capricorn flags board changes
Heath Hellewell was a founding director of Greenmount Resources. Photo: Gabriel Oliveira

Gold-aspirant Capricorn Metals has announced a board restructure, which includes the retirement of managing director Heath Hellewell and founding director Peter Langworthy.

Capricorn said Mr Hellewell and Mr Langworthy would step down from the board, with experienced mining professionals Geoff Rogers and Peter Benjamin appointed as non-executive directors.

The changes come with Capricorn aiming to develop its Karlawinda project in the Pilbara, which has a capital cost of $133 million.

Mr Hellewell was a founding director of Greenmount Resources, the company which originally acquired the Karlawinda project and merged with Capricorn Metals in 2016.

Since then, he served initially as a non-executive director of the company, before becoming executive chairman and, more recently, managing director.

Mr Hellewell will remain in a part-time executive capacity, pending the appointment of a new chief executive.

Capricorn said an executive search process was well advanced.

Mr Langworthy, who will also retire from the board immediately, has served as both an executive and non-executive director of Capricorn.

Capricorn chair Debra Bakker thanked the pair for their service.

“As founders of the company and entrepreneurial mining executives, both Heath and Peter have made it clear for some time that they always intended to step down at the appropriate time as the company prepares to make the transition from the exploration-feasibility and pre-development phase to one of commercial development and, ultimately, operations,” she said.

“With the completion of feasibility and optimisation studies, the Karlawinda gold project is now fully permitted and the company’s strategic focus will shift to development and operations.

“A formal debt financing process has progressed to the position whereby credit approved term sheets from a number of short-listed banks are expected within the next two weeks.”

Mr Rogers was a corporate and resources partner at law firm Mallesons Stephen Jaques (now King & Wood Mallesons) for 27 years until his retirement in 2012.

Since 2012, he has run his own private practice as well as being in-house counsel for nickel outfit Panoramic Resources.

Mr Benjamin recently retired as managing director from gold and copper explorer Kalamazoo Resources and has previously served as managing director of Shaw River Manganese and Illuka Resources’ general manager of geology.

Shares in Capricorn were off 2.9 per cent at 6.7 cents each at 1.20pm AEDT.

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