17/09/2008 - 15:01

Wright resigns from exec role in Herald

17/09/2008 - 15:01

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Herald Resources Ltd executive director, Michael Wright, has stepped down after 22 years with the company.

Herald Resources Ltd executive director, Michael Wright, has stepped down after 22 years with the company.

Mr Wright will continue to act as a non-executive director of the company with PT Bumi Resources Tbk director Evan Ball to act as chief executive until a permanent replacement is found.

Bumi controls the company with a stake of 84.2 per cent after a long-winded takeover battle with rival bidder Antam-Zhongjin, an Indonesian-Chinese consortium that ended in July.

 

Below is the full announcement:

Herald Resources Limited ("Company" or "Herald") wishes to advise that Mr Michael Wright has resigned as an executive director of the Company. The Directors wish to sincerely thank Mr Wright for his hard work over the past 22 years, in bringing the Company to the point at which it stands today.

Mr Wright will continue to act as a non-executive director of the Company.

Mr Evan Ball, currently an executive of PT Bumi Resources Tbk and a director of PT Kaltim Prima Coal, PT Arutmin Indonesia and Herald, will act as Chief Executive of the Company until a permanent candidate is appointed. PT Bumi Resources Tbk has agreed to provide Mr Ball's services to Herald as Chief Executive for no fee.

Mr Ball has 29 years experience in the mining industry in Australia and Asia, including in senior technical and management positions. This includes working with Western Mining Corporation in Western Australia and with Rio Tinto in Queensland and Indonesia. Mr Ball held management positions at PT Kaltim Prima Coal in Indonesia from 1997 to 2007, culminating in four years as the Managing Director from 2003 to 2007. Kaltim Prima Coal is the world's largest open-cut export thermal coal mine, producing over 40 million tonnes per annum, with an annual operating budget of US$1 billion.

Mr Ball has been a director of PT Kaltim Prima Coal and PT Arutmin Indonesia since 2007 and also Senior Vice President Project Development at PT Bumi Resources Tbk.

Mr Ball's extensive experience in the mining industry in Australia and Indonesia ably equips him to act as Chief Executive of an Australian company whose major asset is the Dairi zinc/lead project in North Sumatra, Indonesia.

 

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