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Arc Minerals shares jump as it appoints former Rio Tinto mining boss as new director

The AIM-listed firm said his primary responsibility will be to lead the development of Zamsort’s commercial-scale demonstration plant processing copper and cobalt

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Don Bailey is a former head of mining operations for Rio Tinto on Africa, South America and Europe

Arc Minerals Ltd (LON:ARCM) shares rose on Thursday morning as the firm announced the appointment of former Rio Tinto PLC (LON:RIO) mining boss Don Bailey as its new director effective from 1 June 2018.

The AIM-listed firm said his primary responsibility will be to lead the development of Zamsort’s commercial-scale demonstration plant processing copper and cobalt as well as to help drive strategy with regard to developing Zamsort into a world-class copper/cobalt opportunity.

READ: Scottish billionaire buys into Arc Minerals, following Zamsort deal

Arc Minerals said Don Bailey, a former head of mining operations for Rio Tinto in Africa, South America and Europe, spent 30 years with Rio Tinto where he was responsible for the development of numerous major international projects and was a director of a number of Rio Tinto international companies.

Nick von Schirnding, executive chairman of the company, commented: “Since late last year I have been working closely with Don and I have been greatly impressed by his drive and energy.”

 He added: “I am delighted to strengthen our team with Don's arrival and look forward to reporting back to shareholders with further progress going forward."

In morning trading, Arc Minerals shares rose 8.8% to 3.70p.

 

Quick facts: Arc Minerals Limited

Price: 2.5 GBX

AIM:ARCM
Market: AIM
Market Cap: £18.45 m
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