Red 5 Ltd (ASX:RED) has appointed a new chief financial officer to guide finances from September 1, 2022.
Patrick Duffy will hold two positions in the company, combining his current role of chief corporate development officer, with his new role as CFO.
With John Tasovac resigning for personal reasons after playing a pivotal role in the company’s transition from the Philippines to the acquisition of the Darlot and King of the Hills projects in Western Australia, culminating in the successful development of King of the Hills and achievement of first gold production, RED has restructured its management team for the next stage of growth.
Major corporate experience
Duffy will bring his extensive commercial, financial and governance expertise to bear. The chartered accountant began his career as an auditor with Ernst & Young and has since had broad leadership and executive roles in the international resource sector.
He was CFO of Xstrata’s US$6 billion Tampakan Copper and Gold Project in the Philippines and was director – Strategy & Performance for the construction and commissioning of Glencore Xstrata’s US$7 billion Koniambo Nickel Project in New Caledonia.
Duffy has also worked extensively across Asia with mining and steel companies, including establishing a successful Hong Kong-based management consulting company, and has also had executive roles within mining private equity and the agricultural technology sector.
He has played a key role as part of RED’s leadership since he joined the company in 2020 and was pivotal in securing the project equity and debt funding for the development of the KOTH Project and facilitating the sale of the Siana Gold Project in the Philippines.
Red 5 managing director Mark Williams said: “I would like to congratulate Patrick on his appointment as chief financial officer, as part of a consolidation with his current role as chief corporate development officer.
"Patrick has been a dedicated member of our senior leadership team since joining Red 5 in 2020, and we look forward to his continued contribution in this expanded role, in which he will continue to oversee the company’s Investor Relations and Business Development functions.
“I would also like to take this opportunity to thank John Tasovac for his dedicated service as chief financial officer over the past five years.
"John has been a committed member of our senior leadership team, whose tenure as CFO has seen the company undertake the dual-acquisition of the Darlot and King of the Hills project acquisitions, pivot its focus from the Philippines to Australia and embark on a new growth path as a mid-tier Australian gold producer with the financing and successful development of the KOTH project.
"The directors and staff of Red 5 wish John well for the future.”