TIDMWLFE
RNS Number : 9276B
Wolf Minerals Limited
07 April 2017
7 April 2017
Wolf Minerals Limited
Wolf Minerals Announces Leadership Transition
The Board of Wolf Minerals Limited (ASX:WLF, AIM:WLFE) (Wolf or
the Company) wishes to advise that it has appointed the Company's
Chief Financial Officer, Richard Lucas, as interim Managing
Director as a consequence of Managing Director, Russell Clark,
having elected to resign.
The Company has concluded that greater onsite executive team
commitment is required to ensure the long term successful operation
of the Drakelands mine. With the processing plant improvement plan
(which incorporates both equipment changes and modifications)
nearing completion, the next six months will be a pivotal time for
the Company in achieving full ramp-up to realise its objective of
becoming a reliable steady-state producer. Extensive site based
commitment will be required from the Company's executive team over
the coming months to ensure a successful outcome.
Mr Clark has put in place the team and structures required for
the Company to achieve transformation to a reliable steady state
producer. However, Mr Clark has advised that for a number of
reasons he is unable to relocate to the UK. The Board and Mr Clark
have mutually agreed that the time was right for transition to a
new Managing Director.
As a result, in his role as interim Managing Director Mr Lucas
will substantially increase his commitment and presence in the UK.
Mr Clark will stay on until the end of April 2017 to assist with
the transition and handover.
Mr Lucas is a highly regarded and integral part of the executive
team. Since joining Wolf in 2011 he has been instrumental in
managing all elements of the Company's equity financings, managing
relationships with off-takers as well as co-ordinating and managing
the Company's debt. He is a valued and outstanding contributor and
the Board has full confidence in his abilities.
Mr Lucas brings over 18 years of financial experience across the
mining, construction, property development and professional
services sectors to the role. Prior to joining Wolf, Mr Lucas
reached a senior level at PwC, was seconded to Lihir Gold as
Commercial Manager to manage the accounting and finance function
and was Chief Financial Officer at Geotech Group.
To assist Mr Lucas in the final production ramp up as well as
further develop the operating platform with the aim of achieving
reliable steady-state production, the Board has agreed to appoint
Mr Calum Semple as a contract Chief Operating Officer. Mr Semple
will be based at site and will formally start on 1 May 2017.
However prior to this he will be working with Mr Clark and the site
team to ensure a smooth handover.
Mr Semple is a Chartered Engineer and an internationally
recognised expert in assisting resource companies reach their full
potential. He previously led PwC's Mining global consulting
practice and is a British national. He has recent and relevant
experience in both tungsten and other commodities and has assisted
companies implement process and productivity improvements at all
stages including start-up, growth and turn-around phases.
Wolf Chairman, John Hopkins OAM said: "Over the last three and a
half years Russell has transformed Wolf from an Australian based
project developer into a UK producer through the construction of
the Drakelands project. He was instrumental in obtaining the
required equity project finance for Drakelands, as well as securing
our recent licence extension and 24/7 work permit. On behalf of the
Board I'd like to sincerely thank Russell for his efforts and
achievements to date at Wolf, and wish him well for his future
endeavours."
"The Company now needs to complete the ramp up and settle into
its long-term form as a UK based world leading producer of tungsten
concentrate, with reliable steady-state production. This naturally
requires a concerted focus on the UK operations to bring about this
change."
"The Company has a highly capable leadership team which is ready
to build on Russell's strong platform. Richard Lucas will lead this
effort and will have a substantially increased presence in the UK.
His strong credentials place the Company in an excellent position
to complete this final transformation, and I know he enjoys the
support of our major shareholders given their familiarity with his
skills and abilities."
"As a Board, we are also very keen to ensure that the necessary
resources are readily available in the UK to ensure that Wolf
becomes a reliable producer, as we reach the end of the improvement
work program for the processing plant. Accordingly, we have
appointed Mr Semple to assist the team in completing the process,"
Mr Hopkins said.
Mr Clark said: "I'm very proud of the project we have built at
Drakelands, with Wolf now preparing to reach its full potential as
a reliable producer of tungsten for the world market. I have every
confidence that Richard will take the reins and work closely with
our team to ensure we successfully ramp up and reach steady state
production at Drakelands."
It is intended that Mr Lucas shall be appointed to the Board by
the end of April 2017, at which time a further announcement will be
made, including the disclosures required in accordance with the AIM
Rules and details of his remuneration while he is interim Managing
Director.
APPENDIX 1
Richard Lucas - Biography
Mr Lucas commenced with Wolf Minerals Limited in April 2011 as
Chief Financial Officer and Company Secretary. He is a Chartered
Accountant with over 18 years of financial experience in various
sectors, including mining, construction, property development and
professional services sectors. In his role as Wolf Chief Financial
Officer he was responsible for the establishment of the Group's
integrated finance function and has been instrumental in managing
all elements of the Company's equity financings, managing
relationships with off-takers as well as co-ordinating and managing
the Company's debt.
Prior to working at Wolf Minerals, Mr Lucas reached Director
level at PwC and was seconded to Lihir Gold as Commercial Manager
where he managed the accounting and finance function. He was more
recently with the Geotech Group as Chief Financial Officer.
Calum Semple - Biography
Mr Semple is a globally experienced leader, having held senior
corporate and consulting roles around the world. He is a UK
Chartered Engineer and has spent over 28 years executing start-up,
rapid growth and turn-around transformations in the mining and
industrial sectors. Most recently Mr Semple led the PwC Mining
global consulting practice.
He has worked with many of the world's leading mining companies,
completed initiatives focused on productivity improvement, cost
reduction and risk mitigation in capital projects, mining,
processing, asset management, procurement and back office functions
at all stages of project maturity.
Mr Semple is a British national.
ENDS
Numis Securities: John Prior/James
Black/Paul Gillam +44(0)20 7260 1000
Newgate: Adam Lloyd / Ed Treadwell +44 (0) 20 7653 9850
Wolf Minerals Limited: John Hopkins
OAM +61 (0) 8 6143 2070
About Wolf Minerals
Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty
metals producer. In 2015, Wolf Minerals completed the development
of a large tungsten resource at its Drakelands Mine, located at
Hemerdon, in southwest England.
This information is provided by RNS
The company news service from the London Stock Exchange
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