6th Aug 2014 07:58
LONDON (Alliance News) - Sirius Minerals PLC Wednesday said that it is relocating operations to focus on its York potash project in the UK and that its Chief Financial Officer will resign during August.
The company said that it has decided to close its Sydney office to focus on York Potash and so most executive roles have gradually been migrated to the UK in the past two years.
The company said its current Chief Financial Officer Jason Murray will not be relocating due to personal reasons, which has meant he will leave the company and resign his position from the board in August.
Sirius Minerals said Jackie Flynn, chief financial officer for the York potash project will work as interim group chief financial officer until a replacement is appointed.
The company thanked Murray and noted that during his tenure, the company built a fully-fledged finance function, upgraded internal controls, and successfully completed two fundraisings, enabling it to get closer to construction commencement of its flagship York potash project.
Sirius also said that it has decided to expand its financing team and has appointed Thomas Staley as corporate development director, with a new investor relations director joining the company in the near future.
"Our executive functions are located in Scarborough and London, and it no longer makes sense for us to incur costs associated with other offices. As we continue to plan the development of the company, this restructure and new appointment pave the way for further success. We thank Jason for his efforts and welcome Thomas to the team," Chairman Russell Scrimshaw said in a statement.
Sirius Minerals shares were down 2.4% to 10.98 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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