Exco Resources (ASX: EXS) recently sold the Cloncurry Copper Project in north-west Queensland to Xstrata for $175 million, with remaining tenements including Cloncurry, Hazel Creek and the Soldiers Cap project areas.
Perth based Exco Resources (ASX:EXS) has appointed Geoff Laing to the position of managing director.
He was acting CEO since the resignation of the previous managing director Michael Anderson, in August 2011.
This appointment sets a new path for the company following the successful sale of the Cloncurry Copper Project to Xstrata plc in June 2011.
Exco retains an exploration package in North West Queensland as well as ongoing cash flows from production at White Dam Gold project which is in partnership with Polymetals (ASX:PLY).
The project was bought at low gold prices and has made a profit after tax to date of $68 million and a Return on Equity of a very tidy 850%.
Exco distributed $135 million in December to shareholders following the Cloncurry Copper project sale to Xstrata by way of a capital return of $0.10 per share and a special dividend of $0.28 per share.
Laing is a chemical engineer with more than 20 years of experience in the mining industry and an MBA from the University of Western Australia.
His involvement in the mining industry includes project development both within Australia and overseas including major projects for Norilsk Nickel, Anglo Platinum, BHP Billiton and Phelps Dodge. He has had management and technical roles in both the engineering business and operations.
Over the last four years Laing has held the position of General Manager Project and Corporate Development for Exco.