Chang­ing of guard at North­ern Star

Pilbara News - - News - Stu­art McKin­non

Bill Beament, the man who drove the rapid rise of ex­plorer North­ern Star Re­sources to se­ri­ous mid-tier gold miner, will hand over the chief ex­ec­u­tive role to chief op­er­at­ing of­fi­cer Stu­art Tonkin.

In a move rem­i­nis­cent of An­drew For­rest’s path at iron ore miner Fortes­cue Met­als Group, Mr Beament will be­come North­ern Star’s ex­ec­u­tive chair­man.

Ex­ist­ing chair­man Chris Rowe will tran­si­tion to the role of nonex­ec­u­tive di­rec­tor.

In other changes, John Fitzger­ald will as­sume the lead in­de­pen­dent di­rec­tor’s role and the board will ap­point for­mer At­las Iron boss David Flana­gan and for­mer Verve En­ergy chief Shirley In’t Veld as non-ex­ec­u­tive di­rec­tors.

The changes, which will leave North­ern Star with five in­de­pen­dent non-ex­ec­u­tive di­rec­tors on a six-mem­ber board, will take place af­ter the com­pany’s an­nual gen­eral meet­ing in Novem­ber.

The com­pany said the changes would al­low it to de­velop its growth strate­gies and max­imise its sig­nif­i­cant op­por­tu­ni­ties while main­tain­ing its strong em­pha­sis on op­er­a­tional per­for­mance.

Mr Rowe said North­ern Star was poised to em­bark on its next chap­ter of growth.

“North­ern Star is now in the outstanding po­si­tion of hav­ing free an­nual cash flow of around $225 mil­lion and no debt, and pro­duc­tion is on track to rise to 600,000 ounces a year by 2018,” he said.

“As a re­sult, we have a host of growth op­por­tu­ni­ties, as demon­strated by the re­cent ex­plo­ration suc­cess around our con­cen­trated cen­tres of Kal­go­or­lie and Jundee. “The board ad­di­tions and man­age­ment re­struc­ture is aimed at en­abling the com­pany to ex­ploit its growth op­por­tu­ni­ties while main­tain­ing its track record of strong, con­sis­tent pro­duc­tion, tight cost con­trol and su­pe­rior fi­nan­cial re­turns.”

Mr Beament rose to the helm of North­ern Star in 2007 and was be­hind the 2010, $40 mil­lion ac­qui­si­tion of the Paulsens gold mine in the Pil­bara.

Paulsens be­came a cash cow for the com­pany, launch­ing an ac­qui­si­tion strat­egy of pick­ing up ex­ist­ing op­er­at­ing as­sets cheaply.

The com­pany now op­er­ates the Paulsens mine, along with Plu­tonic, Jundee, Kanowna Belle and the East Kun­dana joint ven­ture. It also owns the Cen­tral Tanami project in the North­ern Ter­ri­tory.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.