VICTORIA Falls Stock Exchange-listed Kavango Resources chief executive Mr Ben Turney has left the Southern Africa-focused mining company with immediate effect, the company has announced.
He has been replaced by executive chairman Mr Peter Wynter Bee on an interim basis, while non-executive director Mr Donald McAlister will assume the role of interim chief financial officer.
Mr Gautam Dalal will assume the role of chairman of the audit committee.
The changes come as the company looks to “realise the full potential of our assets”.
According to the company, the swift leadership change installs a new team with substantial operational and financial expertise in the Southern Africa region, particularly in Zimbabwe.
Mr McAlister has extensive experience in Zimbabwe, having been the finance director of Reunion Mining and Mwana Africa.
He served on the boards of Freda Rebecca Gold Mine, once Zimbabwe’s largest gold mine, and Bindura Nickel Corporation.
“Over the last three and a half years, Ben has brought the company into Zimbabwe, a great country in which to do business with a highly skilled workforce,” Mr Bee said in a note to shareholders.
“He has taken the company to a referral listing on the Victoria Falls Stock Exchange. I thank Ben for his contribution, and wish him all the best for the future.”
He said Mr McAlister “brings a wealth of local knowledge, having previously served as finance director for Reunion Mining and Mwana Africa.”
He also held board positions at Freda Rebecca Gold Mine and Bindura Nickel Corporation.
This comes as Kavango has confirmed a viable open-pit gold deposit at its Nightshift Prospect within its Hillside Gold Project in Filabusi, Matabeleland South Province.
The discovery, underpinned by a preliminary JORC-compliant Mineral Resource Estimation (MRE), has prompted the company to consider an immediate expansion of its planned processing capacity.
The Joint Ore Reserves Committee Mineral Resource Estimate (JORC MRE) for Nightshift, which is located just 800 metres west of Kavango’s Bill’s Luck Gold Mine, reported a total gold resource of 19 000 ounces at a grade of 0,86 grams per tonne.
The confirmed resource has exceeded the company’s expectations and is considered sufficient to support initial production plans.
As a result, Kavango, listed on the Victoria Falls Stock Exchange, is now evaluating the construction of an upgraded 300 tonne-per-day gold processing plant at the Bill’s Luck Gold Mine, increasing the capacity from the originally planned 200.
Mr Turney called the resource a “defining moment” for the company.
“It proves that our gold development strategy in Zimbabwe is working and that our decision to focus on near-surface, fast-track production targets is delivering results,” said Mr Turney. – Herald
