Stratex International plc (LON:STI) saw its shares jump on Thursday as the miner unveiled the proposed appointment of a new CEO and said it is currently identifying new value-appropriate projects in Africa and Europe.
In afternoon trading, Stratex shares were 13.3% higher at 0.85p.
In a statement, the AIM-quoted firm said experienced mining executive, Tim Livesey has been appointed as its CEO with effect from the 1 March 2018, and in the interim he will work as a technical consultant to the company.
The gold-focused exploration and development company in Turkey and Africa said some of Livesey’s more notable roles to date include as exploration manager (Eurasia) for Barrick Gold Corp., project director and later CEO of Tethyan Copper Company Pty Ltd, and more recently as COO of TSX.V-listed Reservoir Minerals Inc.
The firm added that, upon Livesey's appointment, its interim CEO Dr Bob Foster will stand down from the board.
He will continue to support the company as a consultant and provide continuity on the strategic review he has conducted with the Stratex team in the last few months.
Stratex added: “There are no other immediate changes to the Board planned at this time, but the Company places significant emphasis on succession planning, which continues to be under review.”
Foster took over as interim CEO last year after the Stratex's previous boss was ousted after shareholders rejected the proposed acquisition of Brazil-focused Crusader Resources Limited.
Corporate vision outlined
In comments its corporate strategy, accompanying the CEO appointment news, Stratex said it still considers the acquisition of more advanced assets as a valuable way of growing its portfolio quickly, as opposed to acquiring only very early-stage opportunities.
However, the company acknowledged that its shareholders deemed the proposed Crusader acquisition terms too dilutive and that any future project or corporate level transaction would need to reflect this, and also notes shareholders preference for the company to maintain its current geographical focus in Africa and Europe.
Stratex added that, to this end, the company has identified and shortlisted several priority targets that could offer growth opportunities for the Company, and has initiated discussions with a number of asset owners.
In addition, it said, the company has been actively assessing value-accretive opportunities within our existing portfolio.