Australian Pacific Coal Announces CEO Ayten Saridas' Resignation Amid Dartbrook Mine Success
AQC (AQC) Share Update November 2024 Thursday 28th
Australian Pacific Coal CEO Ayten Saridas Resigns After Dartbrook Mine Revival
Australian Pacific Coal Limited (ASX: AQC) has announced the resignation of its Managing Director and CEO, Ms. Ayten Saridas, following the successful revival of the Dartbrook Mine.
Instant Summary:
- CEO Ayten Saridas steps down post-AGM to pursue new opportunities.
- Dartbrook Mine brought back into production under her leadership.
- Secured US$60m restart capex funding and additional US$30m working capital.
- First coal achieved in September 2024, with sales negotiations underway.
Leadership Transition
Australian Pacific Coal Limited (AQC) has announced that its Managing Director and CEO, Ms. Ayten Saridas, will step down following the company's Annual General Meeting. Her departure marks the end of a significant chapter for AQC, as she played a pivotal role in bringing the Dartbrook Mine back into production.
Ms. Saridas was appointed as Executive Director and Interim CEO in January 2023, at a time when the company faced management changes. Her primary goal was to transition the Dartbrook Mine from care and maintenance to active production, which she successfully achieved.
Achievements Under Her Tenure
During her tenure, Ms. Saridas led several key initiatives, including restructuring the Dartbrook Joint Venture and securing essential funding. The de-risking of the Dartbrook Mine involved the de-watering of the Hunter Tunnel and completion of underground rehabilitation works.
Notably, she secured US$60 million in restart capital expenditure funding and an additional US$30 million in working capital, with an A$20 million backstop facility to support the mine's production phase. First coal was achieved in September 2024, and first coal sales are in advanced negotiation stages for December 2024.
Comments from Leadership
Ms. Saridas expressed pride in the achievements of the AQC team, stating, 'Looking back at our achievements of the past two years, I am proud of the hard work and dedication of the AQC team to bring Dartbrook back to life.' She emphasized the support from shareholders and the challenges faced along the way.
AQC's Chairman, Mr. John Robinson, thanked Ms. Saridas for her dedication and efforts, which were instrumental in reviving the Dartbrook Mine. He wished her well in her future endeavors.
The resignation of Ms. Saridas comes at a critical juncture for AQC, as the Dartbrook Mine enters its production phase. Her leadership was crucial in securing funding and de-risking the project, which could positively impact the company's stock as investors gain confidence in the mine's future prospects. However, the transition to a new CEO may introduce uncertainty, potentially affecting investor sentiment in the short term.
Investor Reaction:
Analysts are likely to view Ms. Saridas' resignation with mixed emotions. While her successful track record at Dartbrook is a positive, the transition period and search for a new CEO may cause some concern among investors. The company's ability to maintain momentum during this leadership change will be closely monitored.
Conclusion:
Investors should keep a close eye on the transition process and the appointment of a new CEO at AQC. The company's strategic direction and continued success at the Dartbrook Mine will be key factors in maintaining investor confidence. Staying informed about developments in AQC's leadership and operations will be crucial for stakeholders.