Geopacific Resources Ltd (ASX:GPR) has appointed a new chair and director in Andrew Bantock and farewelled retiring chair Ian Clyne.
Bantock brings experience leading listed and private businesses both here and abroad.
During his long career in corporate finance and commercial leadership he has built his reputation on developing and improving business operations and financial structures, communicating vision and strategy, and leading high performing teams.
Finance and resource know-how
Bantock has worked as finance director of GRD Group, owner of New Zealand’s largest gold producer, Macraes Mining (later OceanaGold), and well-known resource project design and construction engineer, GRD Minproc.
He also served six years as a non-executive director of Western Australia’s water utility, Water Corporation, where he chaired the Audit and Compliance Committee.
The new chair has established and co-led ASX-listed exploration groups in various roles, including as founding executive chairman of Chalice Gold Mines Ltd and founding managing director of Liontown Resources (ASX:LTR), before being recruited back to a senior finance role, as CFO of Glencore’s Australian nickel business.
He is currently chairman of Elevate Uranium Ltd (ASX:EL8), and a senior managing director of FTI Consulting, an independent global business advisory firm. FTI Consulting has a separate consulting arrangement with Geopacific - this arrangement has been agreed on normal ‘arms-length’ terms, according to the company, and includes appropriate conflict measures.
What’s next?
The new chair will work with Geopacific management, the board and the company’s consultants to assess the optimal operational model, development plan and funding requirements for the Woodlark Gold Project in PNG under the review announced on December 15 last year, as well as the long-term strategy for the company.
“It is an important time for Geopacific and I look forward to applying my experience and skills, with the support of the executive management and board and its consultants, to assess, develop and implement the path forward for the company," Bantock said.
"With A$50.9 million of unrestricted net cash reserves and no debt as at December 31, 2021, the company is positioned with a number of strategic options to grow shareholder value.”
Fresh perspective
“Andrew brings a fresh perspective, relevant expertise and the ability to thoroughly assess the path forward," Geopacific Nomination and Remuneration Committee chair Ian Murray said.
“His proven leadership, financial and business improvement skills will be invaluable both for our short-term imperatives and the implementation of its long-term strategy.”