Sandfire Resources NL (ASX:SFR) has appointed its chief operating officer and highly experienced mining executive Jason Grace as the acting CEO of the company following the news that founder Kark Simich is stepping down as managing director and CEO after 15 years at the helm.
The board and Simich believe now is a logical time for a leadership transition as Sandfire continues the next phase of its growth path as an international copper miner, after its transformational US$1.865 billion acquisition of the MATSA Copper Operations in late September last year.
Sandfire is now consolidating this acquisition, focusing on further optimising and enhancing the MATSA operation, while also preparing to deliver its new Motheo Copper Mine in Botswana, which is on track for commissioning in the June Quarter of 2023.
Furthermore, Jason Grace will be supported by the company’s chief financial officer and company secretary, Matthew Fitzgerald.
“Operational consolidation and optimisation phase”
Sandfire chair John Richards said: ‘Karl’s achievements at Sandfire are enormous.
“In my relatively brief tenure as a director, I was fortunate to witness perhaps the greatest of those achievements in the acquisition of MATSA – a transaction which should have been too large for Sandfire, but which Karl and his team accomplished in style, in the process transforming the Sandfire business. Karl should be proud of his legacy.
“With the company now moving from a transformational growth phase into an operational consolidation and optimisation phase, we believe this is a great opportunity for a new CEO and leader to drive the business forward.
“Our global search for a new CEO, therefore, represents a continuation of the board renewal process that has been unfolding over the past two years.
"On behalf of all stakeholders, I would like to take this opportunity to thank Karl sincerely for his enormous contribution over a long period of time and wish him well for the future."
About the new acting CEO
Jason Grace is an experienced mining professional with industry experience spanning Australia and the Asia-Pacific region and ranging across multiple disciplines including general and operational management, technical leadership, business improvement, mineral resource evaluation, mine planning and mine geology.
Most recently, he was the executive general manager – Iron Ore for diversified mining services group Mineral Resources Ltd (ASX:MIN), where he managed the group’s Australian iron ore business.
Prior to that, he was the senior director, Asia Pacific Iron Ore, and senior director, Technical Services for Cliffs Asia Pacific Iron Ore, where he led and managed all elements of the Asia Pacific iron ore business segment for USA-based Cleveland Cliffs Inc.
Outgoing CEO
Simich has led Sandfire from its early days as a junior explorer, through the discovery, financing development and successful 10-year operation of the highly profitable DeGrussa Copper Operations, where mining activities concluded this month.
More recently, he has overseen the implementation of Sandfire’s international expansion strategy to become a globally significant copper miner, with operations and development projects now spanning three continents.
Simich said: ‘After what has been an incredible journey over the past 15 years, I believe now is the right time to hand over the reins to a new CEO to take this company forward into the next decade.
“I am immensely proud of everything the Sandfire team has achieved during my tenure – which has seen the company evolve from junior explorer to successful mid-tier miner and now an emerging and globally significant copper mining company with a very exciting future across some of the world’s best copper belts.
‘We have built up an incredible team of people, a strong culture, world-class systems and a business underpinned by quality assets.
“With the MATSA acquisition complete, Sandfire has a strong foundation for the next decade and with the Motheo development on track, is about to spread its wings as a growing copper producer in the Kalahari Copper Belt. As the company’s largest individual shareholder, I look forward to sharing in our continued success into the future.”