Poorly performing copper miner Metals X has appointed Damien Marantelli as its new managing director, with incumbent Warren Hallam and chief operating officer Allan King leaving the company.
Underperforming copper miner Metals X has appointed Damien Marantelli as its new managing director, with incumbent Warren Hallam and chief operating officer Allan King leaving the company.
Mr Marantelli has almost 40 years’ experience in the industry and been a non-executive director at Metals X since September this year.
His recent roles have included chief operating officer with Canada’s Primero Mining Corp and general manager with First Quantum Minerals in Zambia.
Mr Marantelli worked for BHP Billiton and WMC Resources earlier in his career, at the Mr Keith and Leinster nickel mines in Western Australia.
He joined the Metals X board at the same time the company announced several other management changes, including Russell Cole as the new general manager of the Nifty copper operations.
The company said today it would be completely reviewing its operational strategy over the ensuing months.
Chairman Peter Newton said the key focus in the short to medium term was accelerated underground mining at Nifty.
“With Mr Marantelli’s appointment, and the strength of the recently bolstered executive team and general manager at Nifty, the board is now confident that the improvements required at Nifty will be realised which will drive a substantial change in the company’s bottom line,” he said.
“The big opportunity for the company in the short to medium term is the Nifty turnaround strategy.
“In addition, we have substantial tenure within the Paterson Province that is highly prospective for additional copper discoveries providing further leverage for our well-established regional infrastructure.”
Metals X acquired Nifty in 2016 through a takeover of Adtya Birla Minerals but has encountered delays in the ramp-up of production to its target of 40,000 tonnes of contained copper in concentrate.
The company’s share price has generally declined ever since the takeover was completed.
It raised $50 million in July this year at 65 cents per share, but since then its share price has continued to slide, falling a further 2.5 cents today to close at 44 cents.
Mr Marantelli will be paid a base salary of $550,000 plus superannuation and will receive a sign-on bonus of 3 million options with an exercise price of 125 per cent of the five-day average price.
Mr Hallam is leaving the company just five months after he was awarded a large pay rise.
His base salary was increased to $530,000 with effect from July 1 2018, from $460,000 previously.
Mr Hallam’s incentive scheme was also updated, with the company saying the changes brought his remuneration into line with market rates.
