16/11/2011 - 13:31

Warburton resigns from Barminco

16/11/2011 - 13:31

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Warburton resigns from Barminco

Underground mining contractor Barminco is looking for a new chief executive, after Neil Warburton resigned from the company.

The company said the timing of Mr Warburton’s exit was appropriate, with Barminco set to pursue a listing on the Australian Securities Exchange through a $600 million initial public offering.

Barminco’s IPO is likely to be deferred to the second half of next year due to ongoing market volatility, the company said.  

The IPO was originally scheduled to be completed before the end of this year, but Barminco deferred it in June due to economic turmoil overseas.

Barminco chairman Jock Muir said with ASX listing plans set to go ahead, it was important for the company to receive long-term commitments from its board, which Mr Warburton was not able to provide.

Mr Warburton has been with Barminco for the past 11 years, commencing as chief executive in 2007.

“I would like to thank Neil for his role in driving Barminco’s growth and extend my best wishes for his future endeavours,” Mr Muir said.

“He will be leaving the company in great shape, with the current order book in excess of $1bn, a world class safety and productivity record, considerable growth prospects , excellent client base and a top class staff base.

 

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