Metallica attacks Gillies to stave off revolt
THE directors of Metallica Minerals have harshly criticised the track record of company founder Andrew Gillies as part of their fightback against a shareholder revolt.
Rebel investors in the Brisbane-based junior bauxite explorer hope to reappoint Gillies and two other executives at a special meeting scheduled for February 1 to spill the board.
But yesterday Metallica said Gillies’ return should be “avoided’’ and is a matter “of critical concern to all shareholders’’ since he was unable to bring a single project into production.
Gillies, who spent 10 years at the helm before stepping down in 2015 and resigning from the board in 2017, was “arguably out of touch with the direction of Metallica”, its ASX release said.
During his tenure, more than $20 million was spent on a cobalt/nickel project that never progressed beyond a pre-feasibility study. It was sold in late 2017 for $10 million.
Metallica also noted that Gillies believed the company would never receive approval for an access road at its bauxite project near Weipa. “Such access has recently been granted,’’ it said.
Gillies fired back yesterday, accusing the company of “spin and propaganda’’.