Los Andes Copper Ltd (TSX-V:LA) has named experienced mine-developer and engineer R. Michael Jones as its new CEO and president with immediate effect as Antony Amberg steps down from both roles but remains as the company's chief geologist.
The company, which is advancing the Vizcachitas project in Chile, noted that Jones has taken multiple large mines, with values of up to $1 billion, from discovery through to feasibility, and to construction decisions.
He recently resigned as CEO and director of Platinum Group Metals Ltd, where he established several joint ventures with major mining houses, raised over $750 million institutionally and built a mine. He and the team also discovered 19 million ounces of platinum group metals, drilled a 250 million tonne discovery, advanced two mines to definitive feasibility studies and was involved in several potential takeover scenarios.
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"We are extremely excited to bring someone of Michael's calibre onboard," said Fernando Porcile, Los Andes' executive chairman, in a statement. "His successful experience, spanning over decades, in developing projects from feasibility studies, to production, as well as his ability to finance projects time and time again, speaks for itself. We look forward to working alongside him, as we seek to deliver the next significant milestone at our Vizcachitas copper project."
Porcile added: "On behalf of the board, I would also like to thank Antony Amberg for serving in the role of CEO and President over the past six years. His dedication and significant contributions over this period have greatly helped to grow the company and to advance the Vizcachitas Project through multiple milestones to its current stage with Pre-Feasibility Study underway. His geological expertise and experience will serve the company well as he continues as the Chief Geologist at Los Andes."
Jones commented: "I am immensely proud to continue my journey with such an exciting company and believe that the Vizcachitas project is a globally significant copper asset."
From 1997 to 2000, Jones was the vice-president for corporate development of Aber Diamonds - a joint venture partner in the $1.3 billion Diavik diamond mine in the NorthWest Territories. From 2005 to 2016, Jones co-founded the Toronto and Vancouver listed West Timmins Mining (WTM) and the Toronto and New York-listed, MAG Silver (MAG), where he was director.
Los Andes' Vizcachitas property was the subject of a preliminary economic assessment (PEA), delivered in June 2019, which showed a post-tax net present value (NPV) of US$1.8 billion and an internal rate of return (IRR) of 20.77%, based on a US$3 per pound copper price. The project has a measured resource of 254.4 million tonnes at a grade of 0.439% copper and an indicated resource of around 1.03 billion tonnes at a grade of 0.385% copper.
Contact the author at giles@proactiveinvestors.com