Geopacific Resources Ltd (ASX:GPR) has announced a wholesale renewal of its board, with a group of new directors bringing the experience and capability to lead the company’s strategy to derive maximum shareholder value from the Woodlark Gold Project.
In selecting the new directors, the company targeted experience in geology, technical and commercial assessment, optimisation and development of mining assets, and a strong corporate background. Importantly, it also sought hands-on experience in Papua New Guinea (PNG).
Hands on global mining industry experience
Michael Brook, Richard Clayton and Hansjoerg Plaggemars have been appointed as non-executive directors, joining chairman Andrew Bantock on the company’s board.
Mike Brook is a mining professional with hands-on global mining industry experience, providing a deep appreciation of mining investment, development and governance.
His previous roles have seen him lead the technical and commercial review and assessment of mining and minerals processing projects and companies from an investment perspective, across multiple jurisdictions and commodities, from early-stage exploration through to production.
He was previously chairman and manager of three successful African-focused resource investment funds and has served on multiple public and private investee company boards.
Technical, due diligence and valuation
Richard Clayton has more than 20 years of mining sector experience covering technical, advisory, and financial services roles, including at Investec Bank plc, where he had leadership responsibility as Australia desk head on Investec’s Global Resources team and ultimate responsibility for all technical due diligence assessments across the resources sector.
He has also managed multi-disciplinary due diligence and valuation teams at SRK Consulting.
He currently operates a consultancy practice, providing advisory services to mining companies and financiers, including study management, business development and due diligence reviews.
M&A, governance and board experience
Hansjoerg Plaggemars has been appointed as a representative of the Delphi Unternehmensberatung Group, Geopacific’s largest shareholder. Hansjoerg is an experienced company director with a strong background in corporate finance, corporate strategy and governance.
He has a strong mergers and acquisitions background and has served on the boards of many listed and unlisted companies, in a variety of industries including mining, agriculture, shipping, construction and investments. He is fluent in English and German.
New chair of subsidiary Woodlark Mining
Robert Igara has agreed to be appointed as chairman of Woodlark Mining Ltd, a wholly owned subsidiary of Geopacific and 100% holder of the Woodlark Gold Project.
Igara is a former diplomat and former chief secretary to the government of PNG, with a long and distinguished career leading both public and private organisations. Since retiring from full-time public service, he has divided his time between running his family business, leading significant PNG national government appointed strategic review and reform roles, and contributing to the community through leadership of respected not-for-profit organisations.
He is currently chair of the Independent Review Group appointed by the PNG Minister for Treasury undertaking a review of the PNG Central Bank Act and wider financial sector regulation, and is chancellor and chairs the Interim Council of the University of PNG.
Igara has held leadership roles at companies including Oil Search Ltd, Orogen Minerals Ltd, POSF (now Nambawan Super Ltd) and Mineral Resources Development Company Ltd (MRDC).
He was founding CEO of the PNG Sustainable Development Program Ltd and is an adviser on State – Ok Tedi – PNGSDP related matters and chairman of Financial Corporation Ltd, a licensed PNG financial services company, providing consumer and business finance facilities.
“Decades of highly relevant experience”
Geopacfic chairman Andrew Bantock said: “I am pleased to complete the board renewal process and welcome Mike, Richard and Hansjoerg to the Geopacific board.
“The new and refreshed board brings decades of highly relevant experience to the company in geology, technical and commercial assessment, optimisation and development of mining assets globally, as well as mine financing, corporate structuring and transactions.
“These skills will provide valuable leadership and support for the management team as they advance our strategic efforts to generate maximum shareholder value from the Woodlark Gold Project.
“The addition of Robert as chairman of Woodlark Mining adds a deep background of in-country experience and leadership in PNG and reflects the company’s commitment to deliver a sustainable and lasting legacy for local communities from our actions on Woodlark Island.
“I look forward to working with the new board as we focus on delivering the maximum value for shareholders from the Woodlark Gold Project.”
Ian Murray and Colin Gilligan have resigned from the board of Geopacific. The board thanked Murray and Gilligan for their contribution.