20th Jul 2018 10:34
LONDON (Alliance News) - Gold mining firm KEFI Minerals PLC said Friday it has reorganised its board in order to separate the role of chair and managing director as it shifts towards being a mine operator from an explorer.
KEFI has promoted Deputy Chairman & Non-Executive Director Mark Wellesley-Wood - in post since 2015 - to the role of non-executive chairman.
Wellesley-Wood will replace Executive Chairman Harry Anagnostaras-Adams, who has also been serving as managing director of KEFI since 2014.
The separation of the roles of chairman and managing director "reflects the board's desire to strengthen its corporate governance as the company transitions to the mine build and operational phases of its development", KEFI explained in a statement.
The flagship project for KEFI is its Tulu Kapi gold project in Ethiopia. In June, KEFI secured a USD30 million equity investment in a subsidiary and GBP2.8 million in net proceeds from a share placing to fund the project.
Shares in KEFI were 4.3% lower at 2.37 pence on Friday.
Related Shares:
Kefi Gold & Copper