Changes to Centamin Egypt Board
04 March 2010 - 12:00AM
Marketwired
Centamin Egypt Limited ("Centamin" or "the Company") (TSX:
CEE)(LSE: CEY) is pleased to announce the following Board changes:
-- Appointment of Harry Michael as Chief Executive Officer
-- Current CEO, Josef El Raghy becomes Chairman
Harry Michael (age 47) joins the Board of Centamin with
immediate effect as Chief Executive Officer. Mr Michael was
Executive Director, Chief Operating Officer and Vice President of
Operations of Equinox Minerals Limited, between 2004 and 2009 where
he oversaw the development, commissioning and operation of the
large scale Lumwana Copper Mine in Zambia, one of the largest new
copper mines to be developed in recent years. In addition he was
responsible for all Government negotiations in securing various
fiscal and other operating licence agreements necessary for project
development. Prior to joining Equinox, he was responsible for
completing the bankable feasibility study ("BFS") for the Sukari
Gold Project, Centamin's flagship mine, during 2003 and 2004. His
past experience includes the role of Chief Executive Officer of
Geita Gold Mine (AngloGold Ashanti) in Tanzania from 1998 to 2002,
one of the largest gold mines in Africa, producing 500,000 ounces
of gold per annum, where he was responsible for the construction
and operation of the mine. Prior to this, Mr Michael was General
Manager of the Iduapriem Gold Mine in Ghana (AngloGold Ashanti)
from 1995 to 1998 and was responsible for various CIL and Heap
Leach expansions as well as operations. He has held senior
management roles in Granny Smith Gold Mine in Western Australia
(Barrick Gold - 1994 to 1998) and Porgera Gold Mine in Papua New
Guinea (majority owned by Barrick - 1990 to 1994) as well as other
operational roles in the gold and iron ore sectors of the
Australian mining industry.
Mr Michael has also held a non executive director position with
Red Back Mining Inc since 2003, playing a key role in the growth
and strategic direction of the company during the time while
Redback grew from an explorer through to a major gold producer. Mr
Michael has not held any other directorships in public companies
during the previous five years and does not currently hold any
shares in Centamin. There are no other details to disclose under
paragraph 9.6.13 of the Listing Rules of the London Stock
Exchange.
Josef El-Raghy, currently Managing Director and Chief Executive
Officer, becomes Executive Chairman of Centamin with immediate
effect. With the construction and commissioning of the Sukari Gold
Project largely completed, Mr El-Raghy will devote a larger
proportion of his time to Centamin's growth strategy, shareholders
and other key stakeholders of the Company. This disclosure is made
pursuant to paragraph 9.6.14R of the Listing Rules of the London
Stock Exchange.
Commenting on the appointment of Mr Michael, Josef El-Raghy
said:
"I am delighted that an individual of Harry's calibre is joining
Centamin. Having worked with the Company and many of its Management
team before, Harry has an in depth understanding of the potential
of Sukari. With the successful delivery of Equinox's Lumwana Copper
Mine, amongst other large scale projects, we believe Harry,
alongside Executive Director Trevor Schultz, will successfully
drive operating excellence and growth at Sukari as it ramps-up to
be a world class, long life, robust gold mine."
For Centamin Egypt Limited
Josef El-Raghy, Chairman
03 March 2010
ABN 86 007 700 352
Contacts: Centamin Egypt Limited Josef El-Raghy + 61 (8) 9316
2640 www.centamin.com Buchanan Communications Limited Bobby Morse
or Katharine Sutton + 44 (0) 207 7466 5000
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