Lionsgold Limited (LON:LION) has appointed former Rio Tinto executive Alan Davies as global strategy consultant.
Davies was formerly chief executive of Energy & Minerals at Rio Tinto PLC (LON:RIO).
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“Davies is deeply experienced in India, having had executive responsibility for Rio Tinto in India for approximately eight years, and over ten years of direct project responsibility in India,” Lionsgold said.
Davies will work, on average, two days a month under an initial 12-month contract for which he will receive 5mln new Lionsgold shares and warrants to subscribe for a further 5mln, half of which are exercisable at 1.1p each and half at 2.2p.
Lionsgold shares currently trade at 0.975p.
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"I believe Lionsgold shall prove to be in an enviable position as the only AIM-quoted company with substantial exposure to India's mining industry, a market I know well and that I believe has massive potential over the coming years and decades,” Davies said.
“I plan to help develop Liongold's opportunities inside and outside of India, and assist in the growth of their business model of combining the exploration and production of gold with initiatives for its retail application," he added.