South Harz Potash Ltd (ASX:SHP) has appointed existing non-executive director Len Jubber to the role of non-executive chairman, effective from February 1, 2024, replacing incumbent chairman Ian Farmer, who has decided to retire from the board for personal reasons.
Jubber was appointed to the South Harz Board in March 2021 and is a civil engineer by training.
With a professional mining and executive career spanning more than 30 years, he possesses a wealth of technical, commercial and listed company leadership experience.
“Strong belief”
Jubber said, "Given my strong belief in the underlying opportunity and value of the South Harz Potash Project, I am excited to be assuming the chair role.
"I would like to take this opportunity, also on behalf of the rest of the board, to extend my deep gratitude to Ian for his tireless work in furthering the interests of South Harz and our flagship Ohmgebirge Development.
"Ian, I know you will remain a strong ally of the business moving forward.”
“More advanced position”
Retiring non-executive chairman Ian Farmer said, "It has been my privilege to serve the shareholders of South Harz for the past three and a bit years.
"I step down with the satisfaction of seeing the Ohmgebirge Development in a substantially more advanced position, with considerably more underlying value built, than when South Harz took ownership of it.
"In saying that, and alongside all shareholders, I am disappointed that this robust underlying value proposition is not being reflected in current market trading levels for South Harz.
"However, this is also the significant long-term opportunity that exists for Len and the broader South Harz team.
"I look forward to following and supporting the future journey wherever I can.”
Flagship project
The company's flagship project is in the South Harz Potash District region of Germany, midway between Frankfurt and Berlin.
The project hosts a globally large-scale potash JORC (2012) mineral resource estimate of 5 billion tonnes at 10.6% K2O of inferred resources and 258 million tonnes at 13.5% K2O of indicated resources across four wholly-owned project areas located favourably within central Europe.
This comprises three perpetual - potash mining licences, Ohmgebirge, Ebeleben and Mühlhausen-Nohra - and two potash exploration licences - Küllstedt and Gräfentonna, covering a total area of around 659 square kilometres.