Shanta Gold Limited (AIM:SHG, OTC:SAAGF) has announced changes to its senior management team, with Honest Mrema promoted to chief operating officer (COO) with immediate effect, while Michal Devine will become its new chief financial officer (CFO) on 23 March 2023.
The East Africa-focused gold producer, developer and explorer said Luke Leslie, the current CFO, has informed the board of his decision to step down from his role and will remain with the company until the publication of the full-year results in March to ensure a smooth handover of duties.
In a statement, Eric Zurrin, Shanta Gold's chief executive officer, said: "Having completed five years of outstanding service, Luke has informed the board he wishes to pursue new opportunities. On behalf of the board, I thank Luke for his outstanding contribution to Shanta in particular over the last 5+ years as CFO and head of M&A. Luke has dedicated himself to a successful turnaround of Shanta which included the successful acquisition of the West Kenya Project in 2020."
"I am delighted to announce these promotions to Shanta's senior management. Honest's proven success at NLGM and his expanded role across our portfolio of assets including oversight of the Singida construction project ensures the company has strong technical leadership and oversight for the future. An increased focus on maximizing the potential of Singida during the ramp-up and progressing the feasibility of West Kenya is a priority for the company and Honest's role as COO," added Zurrin.
Mrema joined Shanta in 2015 as chief mining engineer and later was promoted to technical services manager, general manager for the New Luika Gold Mine, and Technical Director in 2020. He has over 25 years of experience in open pit and underground operations and has held senior management and technical roles with several international gold companies.
Devine joined Shanta in 2021 as group financial controller and has financial accounting and reporting responsibilities for NLGM, Singida, and West Kenya. He is a qualified chartered accountant (South Africa) and has had wide-ranging responsibilities across the group finance function, including the annual budget process, capital expenditure planning and funding, Singida investment plan, and operational strategies.
Both Mrema and Devine will join Shanta Gold's executive management committee but will not become members of the board at this time. The changes ensure continuity in delivering operational consistency at New Luika Gold Mine and the ramping-up of Singida Gold Mine as well as ensuring the seamless continuity of the financial and commercial capabilities of the company, it said.