Stirling Resources Limited Appoints Mr Nigel Goodall As Executive Chairman
08.11.2010 | ABN Newswire
14:02 AEST Nov 8, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Stirling Resources Limited (ASX: SRE) is pleased to announce that Mr Nigel Goodall will take the role of Executive Chairman of the company, effective 8 November 2010.
Stirling wishes to advise that Mr David Nabarro has resigned as Chairman and a non-executive director of Stirling.
The rationale reflects an effort by Stirling to cut costs and the practicality of having a Perth, WA-based Chairman.
The Board of Stirling and its majority shareholder, DCM DECOmetal, wish to record their appreciation of David's skillful and significant contribution to Stirling's affairs during the last few difficult months.
The company also advises that Mr Marty Adams has today resigned from the position of Managing Director due to his increasingly active role as the current Chief Executive Officer for Australian Zircon NL (ASX: AZC).
Mr Adams will now solely focus on his role with Australian Zircon. His contribution to the growth and development of Stirling through this transitional period is greatly appreciated.
Stirling will commence a search for a new Managing Director or Chief Executive Officer immediately. In the interim Mr Goodall, the newly appointed Chairman will act as Executive Chairman of the company undertaking the duties of the Chief Executive, with the support of Stirling's Chief Financial Officer, Keith Vuleta.
About Stirling Resources Limited:
Stirling Resources Limited (ASX:SRE) is a West Australian resources developer focusing on investment and development of copper, zircon, coking coal, gold and iron ore projects. The Company consists of highly experienced resource development and mining personnel with track records of creating shareholder value.
Previously the group took control of a financially distressed manganese producer and developed it into a diverse mineral commodity producer to become included in the ASX 200 and was ultimately taken over by an international conglomerate for A$1.25b. The Company grew from being a small unreliable manganese producer to ultimately supplying 10% of the world's high grade manganese to global customers and developed significant projects in chromite, nickel, copper, zinc and iron ore.
The Company's strategy for creating shareholder value is to identify projects that comprise either commodities that are considered to have strong future demand or geological characteristics that have potential and yet for various reasons have not achieved their possibilities. The focus is on brown fields projects close to development or production.
Driven by the underlying fundamentals of the Chinese economy and the continued massive urbanisation process commodities such as copper, zircon, gold and iron ore will continue to be in strong future demand. The Chinese growth is augmented by the Indian economic growth particularly in the steel industry leading to increasing demands of coking coal.
Contact:
Nigel Goodall
Executive Chairman
Stirling Resources Limited
Tel: +61-8-6389-6800