Perseus Mining stalwart Jeff Quartermaine resigns | Australian Markets
The long-serving chief govt of Perseus Mining, who remodeled the “struggling” Subiaco outfit into an African gold mining powerhouse, is stepping down from the highest job.
Jeff Quartermaine will end up as Perseus’ boss on September 30. He initially joined the company as its chief financial officer in 2010 earlier than taking up the reins in 2013.
“Since assuming this role, he has transformed Perseus from a struggling single-mine, single-country company to a multi-mine, multi-jurisdictional gold producer, developer and explorer that has consistently delivered on its promises,” Perseus acknowledged on Friday.
The board of Perseus, which has a $4.4 billion market capitalisation and not too long ago joined the ASX100, handed the CEO baton to former Newcrest chief working officer Craig Jones.
Mr Jones shall be paid a base annual wage of $1.06m however his complete yearly pay might more than treble the bottom quantity if he meets short and long-term bonus targets.
“On behalf of the board, I would like to express my most sincere gratitude to Jeff for his leadership and guidance over the years,” Perseus chairman Rick Menell mentioned.
“Jeff has transformed Perseus and has been pivotal in turning it into one of the most profitable gold producers in the world . . . we cannot thank him enough for such a positive legacy.
“Craig brings a wealth of strategic, operational and technical expertise, a deep understanding of complex operating jurisdictions and stakeholder management and a clear commitment to sustainable practices.”
Mr Quartermaine has agreed to stay a guide to Perseus for an unspecified quantity of time and shall be paid on “market terms”.
Mr Quartermain mentioned it was an “honour and a privilege” to function Perseus’ boss for 12 years.
“Along the way we have faced a myriad of challenges including events such as the global COVID pandemic, but we have emerged stronger than ever, and the company is now well positioned to continue our success,” he mentioned.
Perseus has three working gold mines in West Africa — one in Ghana and two within the Côte d’Ivoire.
It is building a fourth mine, Nyanzaga, within the East African nation of Tanzania.
Perseus took control of Nyanzaga after profitable a $270 million takeover tussle for OreCorp final 12 months.
Construction is set to value $820 million with first gold anticipated during the primary quarter of 2027.
Perseus shares had been trading up 0.6 per cent to $3.29. It has gained about 80 per cent because the begin of 2024.
Local stockbroking firm Euroz Harleys anticipated Perseus’ stock to fall on the news of Mr Quartermaine’s departure.
“Sad to see Jeff go, but (he) leaves the company in a great position for further growth,” it acknowledged.
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