Nyota Minerals (LON:NYO, ASX:NYO) has appointed Neil MacLachlan as non-executive chairman, replacing Melissa Sturgess who is retiring from the board, confirming the previously-announced management changes that would accompany the next step in the company’s development.
At the AGM last November, the group had flagged it was planning management changes as Nyota moves from being an exploration company to a development and production company.
As it moves towards construction and financing its flagship Tulu Kapi gold project in Ethiopia, MacLachlan’s corporate and resources expertise will be extremely valuable.
Chief Executive Richard Chase said: "Melissa has been a key driving force in establishing Nyota's position in Ethiopia. She was responsible for acquiring the Tulu Kapi gold project for £1.6 million two years ago, she has overseen the raising of significant equity capital and the growth of the resource to 1.67 million ounces of gold at 2.9 g/t and she has developed strong relationships with key stakeholder groups in Ethiopia.
“We are pleased to be able to retain her expertise and knowledge on a consultancy basis."
With three decades of investment banking experience, MacLachlan has held senior positions, including with HSBC Investment Banking at Wardley Australia and James Capel & Co Ltd.
His banking experience spans Asia, Australia, and Europe.
Additionally, he was the Executive Vice President Asia for Barrick Gold Corp and a director of Golden Prospect. Most recently, he was a director of Extract Resources (ASX:EXT, TSE:EXT) and Kalahari Minerals, where he was part of the team that successfully negotiated and concluded the sale of Kalahari to China Guandong Nuclear Power Corp.
Nyota has made considerable progress with the Tulu Kapi definitive feasibility study, which remains on track to complete in the third quarter of 2012.
The company is currently in talks with the Ethiopian Ministry of Mines regarding a large scale mining license, which are expected to conclude in the second half of the year.