Eric Zurrin, Shanta Gold Limited (AIM:SHG, OTC:SAAGF)’s chief executive for the past six years, is to step down at the end of its third quarter following the publication of the next interim results.
Shanta said Zurrin is delaying his departure to help with a smooth transition and that it has now started the search process to appoint a new chief executive.
Zurrin commented: ”The business has never been stronger and with an experienced management team in place, it now feels like the right time to hand over to somebody new.
"I am grateful to the Shanta Gold board of directors for their unwavering support and commitment to me over the last six years.
"During that period, Shanta's share price has increased by 340%, gold resources have increased three-fold to 3.7 million ounces, production has grown by 50% to 100,000 oz pa run-rate.”
Tony Durrant, Shanta’s chair, added: "The business today is vastly improved from that which he took over in 2017 and he has transformed Shanta from a single asset, single country gold producer encumbered with debt to a business with a diversified revenue base and hugely attractive exploration growth.”
East Africa-focused Shanta said it will also appoint Matthieu Bos as an independent non-executive director, pending completion of regulatory due diligence.
Bos, a metallurgist and former investment banker, is currently the president and chief executive of SRG Mining, a graphite development company with assets in Guinea and backed by the La Mancha Fund.
Bos previously worked as executive vice president of Africa for Ivanhoe Mines in the Democratic Republic of Congo, helping to develop the Kamoa-Kakula copper project and was actively involved in US$3bn of financings.