Katanga Mining (TSX:KAT)
Historical Stock Chart
1 Year : From Dec 2018 to Dec 2019
ZUG, Switzerland, April 17, 2019 /CNW/ - Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") today announces the resignation of Mr. Danny Callow as Chief Executive Officer of the Company.
The board of directors has approved Mr. Jeff Gerard's appointment to the CEO position by Glencore International AG ("Glencore"), effective May 2, 2019, pursuant to the management services agreement between the Company and Glencore entered into in January 2019.
Mr. Gerard will replace Mr. Callow, who has served Glencore's African copper operations in various capacities for over 12 years, most recently as CEO of Katanga. Mr. Callow played a key role in developing Glencore's copper assets in the DRC, particularly in connection with the Company's whole ore leach project. Mr. Callow will resign as a director and officer effective May 2, 2019 and will assist Mr Gerard with the transition of his responsibilities until then. Mr. Gerard will also assume Mr. Callow's seat on the Company's board of directors.
Mr. Gerard has over 40 years of experience in the mineral resources sector. He will join the Company on May 2, 2019 from Glencore Coal, where he has been Chief Development Officer, based in Sydney, since Glencore's 2013 merger with Xstrata plc. Prior thereto, Mr. Gerard served as Xstrata Coal's Chief Operating Officer Americas from 2006 to 2007 (including a period of serving as Xstrata's nominee on the board of directors of TSX-listed Erdene Resource Development Corp.) and Chief Operating Officer South Africa from 2007 to 2010. In addition to serving as the CEO of the Company Mr Gerard will serve as the Head of Glencore's assets in the DRC and oversee the Glencore Group's other operation in the DRC, Mutanda Mining.
Hugh Stoyell, Non-Executive Chairman of the Company, commented: "We are pleased to welcome Jeff as CEO and look forward to working with him to continue driving Katanga's business and operations forward. We thank Danny for his significant contribution to Katanga over the years, especially the successful commissioning of the whole ore leach project, and wish him the best in his future endeavours."
About Katanga Mining Limited
Katanga Mining Limited operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt. The Company has the potential to become Africa's largest copper producer and the world's largest cobalt producer. Katanga is listed on the Toronto Stock Exchange under the symbol KAT.
Forward Looking Statements
This press release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements. Although the Company believes that these assumptions are reasonable, these assumptions are not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Although Katanga has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
SOURCE Katanga Mining Limited