14/05/2021 - 11:00

Resolute announces new leadership

14/05/2021 - 11:00

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Resolute Mining has permanently appointed Stuart Gale as its managing director while recruiting former Paramount Mining Corporation boss Terry Holohan as chief operating officer.

Resolute announces new leadership
Stuart Gale is leading Resolute as managing director and chief executive. Photo: Resolute Mining

Perth-based Resolute Mining has permanently appointed Stuart Gale as its managing director while recruiting former Paramount Mining Corporation boss Terry Holohan as chief operating officer.

Mr Gale, who joined the African-focused goldminer as chief financial officer in January last year, has also held the role of interim chief executive since October when former boss John Welborn stepped down from the position after five years.

Mr Welborn now leads local iron ore company Equatorial Resources.

Resolute chairman Martin Botha said the company had undertaken a six-month search for a new leader.

“Throughout this period, Stuart has provided excellent leadership as interim CEO, and clearly proven himself as the leading candidate for the role,” Mr Botha said today.

“Achieving this while retaining his CFO duties is also testament to his professionalism and capability.”

Mr Gale said he looked forward to working with the Resolute board and take the company forward.

“I am confident that we have the right team with the right culture to capitalise on our foundation and maintain focus on our operations, people, systems and process,” he said.

“Delivery on our targets while strengthening the balance sheet is key and this will position us to grow shareholder value.”

Mr Gale will assume the roles immediately, with his employment to continue indefinitely.

His remuneration includes a fixed salary of $725,000 per annum – slightly less than his predecessor – and a one-off payment of $150,000 that recognises Mr Gale’s dual roles as chief financial officer and interim chief executive.

Meanwhile, Terry Holohan will join Resolute as chief operating officer on May 17.

He comes from mining company PT Archi Indonesia, where he served in various positions since mid-2014, including as general manager of operations, chief operating officer, and chief executive.

Mr Holohan remains a director of the company, as well as the president director of UK-headquartered Archipelago Resources.

Between 2011 and 2014, he led West Perth-based Paramount Mining Corporation as chief executive and managing director. The company delisted from the ASX in 2016 and was placed into liquidation the following year.

Mr Holohan has also held senior positions with Anglo Platinum Smelting and Refining, Ivanhoe Nickel & Platinum, Toka Tindung Gold Mine, and Platmin.

“It’s great to have Terry’s calibre join Resolute. He brings a proven track-record together with detailed and wide-ranging technical knowledge and experience," Mr Gale said.

“Terry has demonstrated his experience and innovation through successfully developing and operating several particularly complicated mining and processing projects and we are looking forward to capitalising on this at Resolute.”

Mr Holohan will replace current chief operating officer David Kelly, who will continue as a member of the executive team.

The appointments come one month after Resolute won back a goldmining lease for its Bibiani operation, weeks after it had been terminated by the Ghanaian government.

Resolute previously had a binding $105 million sale agreement with Shanghai-listed Chifeng Jilong Gold Mining for the Bibiani mine; however, the Ghanaian government said it would not recognise the deal, as one of its conditions in restoring the lease.

Resolute says it is considering options to either develop or sell the mine.

Any sale would need the government’s approval and Resolute to submit a mine development timeline and investment requirements.

On Friday, Resolute was trading 1.7 per cent lower at 12:33pm AEST to 58 cents per share.

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