Wholly-owned subsidiary of Liontown Resources [ASX:LTR] spun out for nickel, gold and copper assets in 2021, Minerals 260 [ASX:MI6], has said that it will be appointing an experienced mining executive Luke McFadyen as its CEO, effective 1 July 2023.
With the company detailing Mr McFayden’s extensive experience working in top-tier and global organisations, investors were evidently agreeable to the idea. As a result, the group’s trade upped its value to 46 cents a share at the time of writing — an increase of more than 3%.
The diverse minerals and metals subsidiary saw its stock increase by nearly 6% over the last month alone. In the year so far, it has gained nearly 37% in traction.
Compared with the wider market, it’s increased by more than 5% in share price value:
Source: TradingView
Minerals 260 appoints Luke McFadyen as new Chief Executive
Mr Luke McFadyen was most recently Head of Portfolio Strategy & Economics with ASX-100 copper and nickel mining company, OZ Minerals [ASX:OZL]. Mr McFayden will be working closely with Minerals 260’s founding Managing Director, David Richards, at the start of his term.
Mr Richards himself is to transition to Executive Director as MI6 builds its senior leadership team and focuses on growth strategies. As part of the executive management succession process, Mr Richards will ultimately transition to Non-Executive Director.
MI6 said that Mr McFadyen has more than 15 years of experience working in top-tier, global organisations, including at BHP Group [ASX:BHP], South32 [ASX:S32], Syrah Resources [ASX:SYR], KPMG and the International Copper Association Australia.
His experience is said to cover strategy, valuations, investment assessments, commodity market analysis, and risk management. In his most recent role at OZ Minerals, Mr McFayden was responsible for the development and analysis of corporate strategy, market intelligence, and group valuation.
He also led the internal independent assessment of growth opportunities at OZ Minerals, ranging from exploration to operational assets.
Incoming CEO Luke McFadyen addressed the public:
‘I am very excited to have the opportunity to join a dynamic and growth-focused company like Minerals 260.
‘I will be focused on leading the company from a relatively new explorer into an innovative mining company that will be focused on creating value for our stakeholders with the development of high-value critical and modern minerals assets.
‘I was attracted to Minerals 260 because of the quality of the board, the existing portfolio, the strength of its balance sheet and the entrepreneurial spirit which underpins the Company.
‘I am looking forward to joining the team and contributing my skills and expertise to take this business forward.’
Minerals 260 Chair, Anthony Cipriano, said the company was fortunate to onboard someone of Mr McFadyen’s experience range and capabilities, saying that he is considered a ‘passionate and strategic thinker and a strong and energetic leader who will be a fantastic addition to our senior leadership team.’
This announcement comes days after the group released a report of strong copper-gold intersects at its Mynt prospect. Included were significant assays of continuous sulphide-related copper-gold mineralisation intersecting on multiple drill sections.
These results were described as proof of exciting targets to follow up across the Moora and Koojan Projects. Follow-up activity is planned for the start of the cropping season and is to be undertaken in the coming months.
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