The Dublin-listed Ormonde Mining, which earlier this year sold its 30pc stake in Barruecopardo Joint Venture in Spain to Oaktree Capital Management for €6m, has made a number of changes to its board.
As announced last month, Michael Donoghue and John Carroll intend to retire from the board and company following the completion of the JV disposal.
They will be replaced by Tim Livesey and Richard Brown, who both bring “extensive” mining industry executive experience to the firm’s board.
Mr Livesey is a geologist and mining executive with 30 years of experience in gold and base metals.
Meanwhile, Mr Brown is a chartered accountant with 28 years of experience in business and corporate advisory roles and is currently chief financial officer of TSX Venture Exchange quoted Gabriel Resource.
Ormonde said the new additions to the board will provide it with the appropriate leadership, experience and strategic direction as it targets a new phase for the company.
The new stages for the business include potentially pursuing growth through mergers and acquisitions, supported with the cash proceeds from the proposed sale of €6m, Ormonde said.
Jonathan Henry, director and incoming chairman of Ormode, said: “It is our intention, in the short term, for the new board to work together with executive management to build a fresh and exciting vision and strategy for Ormonde, absolutely focused on value creation for shareholders including, if appropriate, through the pursuit of M&A opportunities."