13/03/2013 - 13:31

EMA recruits Tapp, restructures debt

13/03/2013 - 13:31

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Former Fortescue Metals Group executive Julian Tapp has been appointed as chief executive at uranium miner Energy and Minerals Australia.

Mr Tapp was formerly head of government relations at FMG, and was instrumental in overseeing the approvals process for the company’s Pilbara iron ore operation.

EMA said Mr Tapp’s experience would be invaluable as it continues with the development of the Mulga Rock uranium development in the north-east Goldfields.

Mr Tapp said he was excited by the opportunity to take on a major role in the development of the Mulga Rock mine.

“Nuclear power simply has to be part of the global energy mix if we are going to have economic growth and a reduction in the level of carbon emissions,” Mr Tapp said in a statement.

“This means there will be a need for more uranium than is currently being produced and the bottom line is that demand will take off and prices will follow.”

Mr Tapp will receive a base remuneration of $350,000, inclusive of superannuation.

Meanwhile EMA also announced today that its convertible note holders, investment groups Acorn Capital, Macquarie Bank and Element Resources Fund, have agreed to waive a deadline for the company to raise a total of $17 million before the end of March, as well as a number of other conditions.

EMA said under its agreements it was required to raise $2 million by issuing securities to third-party investors, appoint a new managing director and independent chairman, and maintain a board with a majority of independent directors.

EMA was also required to raise a further $15 million through a share issue before March 31.

The company said the noteholders agreed to extend the deadline to September 30.

At close of trade today, EMA shares were steady at 5 cents, having been lightly traded. 

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