Caerus Mineral Resources PLC (LSE:CMRS) said its chief executive and chairman are to stand down.
Martyn Churchouse will be succeeded on 16 May as the chief executive officer by Charles Long, a mining specialist with stockbroking, management and business development experience in the extractive industries and financial services sectors.
Churchouse will stick around to manage an orderly transition and will remain in a senior consulting role to the Caerus board so as to ensure continuity and advancement of the joint venture (JV) with Bezant Resources, which is advancing the Troulli Project in Cyprus.
The appointment of Long is to accommodate and promote the next phase of growth in the company's business plan and oversee and advance expansion plans into Africa. Multiple southern African states harbour Tier 1 copper mines and there are many opportunities for ambitious new entrants such as Caerus to gain a foothold and grow in this region, the company’s stock market statement said.
Also on 16 May, Professor Michael Johnson will be succeeded as non-executive chairman by Brian Rowbotham.
Rowbotham has extensive board-level experience in several areas of the financial services sector including investment banking, stockbroking, fund management and private equity.
In addition, Richard Hawken will join the Caerus board as a non-executive director. Hawken has a long and successful career in mining and exploration in southern Africa and will be jointly responsible for managing new business acquisitions focused on the country 'arc' of Namibia, Botswana and Zambia, Caerus said.
Caerus revealed it is presently in an advanced stage of due diligence on opportunities in the copper sector.
"Caerus has, over a period of 12 months, made a number of valuable acquisitions in Cyprus alongside concluding strategic agreements with Bezant Resources as a joint venture partner and Jubilee Metals Group as a potential future JV partner. The development of our maiden resource is the culmination of the exploration team's hard work that has only just begun to scratch the surface of the potential in Cyprus, where I fully expect further significant discoveries to be made.
This is an important period for the company and I look forward to working with Charlie and the rest of the board in my role as we progress the projects further,” said Churchouse.
Churchouse’s successor, Long, said it is an exciting time to be joining Caerus, as it broadens its focus from Cyprus to encompass opportunities in southern Africa.