Devon-based tungsten miner Wolf Minerals Limited (LON:WLFE, ASX:WLF) has told investors that managing director Russell Clark has resigned from his position.
With the processing plant improvement nearing completion at the Drakelands mine, Wolf said “extensive site-based commitment” would be required from its executive team in the coming months.
Clark reportedly gave various reasons as to why he was unable to relocate to the UK, after which both parties agreed the time was right for a transition to a new managing director.
Chief financial officer Richard Lucas will step up to the plate as interim MD until a permanent appointment has been made.
Clark will stay on in his position until the end of the month (April 2017).
“The company has a highly capable leadership team which is ready to build on Russell's strong platform,” said chairman John Hopkins.
“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.”
Wolf is also bringing in Calum Semple as a contract chief financial officer to cover Lucas’ responsibilities while he fills in for Clark.
British-born Semple will formally start on 1 May although he’ll be working with the site team in the meantime to ensure a smooth transition.
Wolf said he has “recent and relevant experience” in both tungsten and other commodities having headed up PwC’s mining global consulting practice.
Shares were up 5.4% to 4.48p shortly before close on Friday.