New leadership at Lucapa

Former executive chairman of the Kimberley Diamond Company, Miles Kennedy, has left the role of managing director at Lucapa Diamond Company as part of a board restructure.

Mr Kennedy, who has sat on boards of listed resources companies for nearly three decades, will now serve as chairman.

Gordon Gilchrist, who served as chairman, will move to a non-executive directorship.

Mr Gilchrist previously served as managing director of Rio Tinto Diamonds and Argyle Diamond Mines.

Lucapa, which last month signed a licence to begin diamond mining at the Lulo concession in Angola, has appointed Stephen Wetherall to lead the company as chief executive officer.

Mr Wetherall, who was previously commercial and business development director at the company, has held an executive role at British miner Gem Diamonds and a management role at industry giant De Beers.

Metallurgist Nick Selby has also worked for Gem Diamonds and has now been appointed chief operating officer.

The two have a combined 50 years of experience in the industry, Lucapa said.

The company, which had a total shareholder return of 191 per cent in the 12 months to June 30, said the restructure was due to the changing nature of its business model.

Mr Wetherall said it would be critical for Lucapa to retain the strategic input of Mr Gilchrist and Mr Kennedy on the board.

“Mr Kennedy’s drive, relationships and leadership over the past six years has been instrumental in positioning Lucapa to where it is today and Mr Gilchrist has made an invaluable contribution since his appointment as Chairman in 2012,” he said.

“The Lucapa board has a wealth of diamond industry experience and the ongoing involvement of Mr Kennedy and Mr Gilchrist will be crucial in unlocking the potential of what we believe is one of the best emerging diamond resources in the world.”

Lucapa traded at 29 cents per share, up 3.6 per cent, at the close.

Mr Kennedy last month became non-executive chairman at explorer RNI, after previously serving as executive chairman.

Metallurgist Royce McAuslane became the company’s new managing director.