Perth-based mineral explorer Indo Mines Ltd has appointed former Superpit mining manager Philip Welten as managing director, the company announced today.
Perth-based mineral explorer Indo Mines Ltd has appointed former Superpit mining manager Philip Welten as managing director, the company announced today.
The full text of a company announcement is pasted below
The directors of Indo Mines Ltd are pleased to announce the appointment of Mr Philip Welten as Managing Director of the Company. Mr Welten is a mining engineer with over 28 years experience in a range of commodities including iron ore, gold, copper and uranium. He is a graduate of the Kagloorlie School of Mines and is a memebr of the Australian Institue of Mining and Metallurgy.
During his extensive career in the resources sector Mr Welten has primarily worked for major mining companies including Rio Tinto Group, North Ltd, WMC, Barrick and Newmont. His background is in operations management, project feasibility and resource development both in Australia and overseas.
Mr Welten held the position of mine magager at Robe River Minig's Pannawonica Mesa J mine and also worked on the feasibility studies for the West Angeles Iron Ore Project. Most recently he held a senior management position at the Barrick/Newmont Joint Venture owned Superpit in Kalgoorlie.
Mr Welten's primary focus wil be the continued progression of the Jogyakarta Ironsands project in Indonesia, where his extensive experience in project feasibility and development will be a great benefit, not only for the completion of a Bankable Fesibility Study, but also for any subsequent development and commissioning of hte Project.
Mr Welten is expected to commence his role with the comany in late January 2007. He will receive a salary of $250,000 (inclusive of superannuation) and a $50,000 bonus upon the successful completion of a bankable feasibility study for the Jogyakarta Ironsands project.
In order to secure his engagement and to provide an incentive going forward, Mr Welten will also be granted the following options (subject to necessary approvals):
- 1.25 million unlisted incentive options exerciseable at 35c each on or before December 31 2009, vesting after 12 months service
- 1.25 million unlisted incentive options exerciseable at 45c each on or before December 31 2010, vesting after 24 months service
The directors of Indo Mines are delighted that a person of Mr Welten's experiecne and operational skills has agreed to join the company, providing a further endorsement of the potential of the Johyakarta Ironsands project.
