Former Rio Tinto executive Bob Vassie has today been announced as the incoming managing director of ASX-listed gold miner St Barbara.
Former Rio Tinto executive Bob Vassie has today been announced as the incoming managing director of ASX-listed gold miner St Barbara.
Mr Vassie previously served as chief executive officer at Inova Resources (formerly Invanhoe Australia), which was recently the subject of a buy-out by privately owned Chinese firm Shanxi Donghui Coal Coking and Chemicals Group.
Mr Vassie has nearly three decades of mining industry experience and will replace Tim Lehany, who resigned on June 17, having been in the role since 2009.
His remuneration package includes a fixed annual salary of $650,000 and a commencement incentive of $100,000 of ordinary shares, currently trading at 11.7 cents (down 2.5 per cent today).
This is a marked drop from Mr Lehany’s base remuneration of about $850,000 and continues a broad theme of cost reduction across the company.
Mr Lehany’s resignation follows that of non-executive director Betsy Donaghey earlier this month, with no replacement expected in the immediate future as a further cost-saving measure.
Mr Vassie will start in the role on July 1, with an initial focus on strategic options for the Pacific operations and development potential at the Lenora operations.
“I am excited to be joining St Barbara at a time when the company faces some key strategic decisions,” Mr Vassie said.
“Redirecting and rigorously implementing the company’s strategy will allow St Barbara to realise value from its considerable asset base of gold reserves and resources, infrastructure, and the experience and capability within the company.”
Mr Lehany has led the firm through two acquisitions, including Gold Ridge Mine in the Solomon Islands, which was recently hit by a major storm and a brief ban by the government on employee movements.
The ban was lifted after mediation between company representatives and the government over the evacuation of personnel during the recent storm and the threat of environmental damage after flooding of the tailings dam.
Operations in Papua New Guinea at the Simberi mine have also been underperforming, with delays in the adoption of a new processing circuit.
