Mitre Mining appoints new executives to drive growth of Cerro Bayo silver-gold project
Mitre Mining (ASX: MMC) has made two key corporate appointments as part of a strategy to drive rapid resource growth at its Cerro Bayo silver-gold project in Chile.
The company’s current chief geologist and former Northern Star Resources (ASX: NST) executive Tim Laneyrie will assume the role of Mitre chief executive officer, while mining executive David Southam has been appointed non-executive director.
Mr Laneyrie has 20 years’ industry experience in gold and base metals—most recently in a business development role with Northern Star, where he evaluated potential project acquisitions and asset divestments.
He played an integral role in the company’s merger with Saracen Mineral Holdings in 2020 and an associated 50% acquisition of the Kalgoorlie Super Pit.
Mr Laneyrie has held senior positions with Saracen for the past decade, working at site and corporate levels during the company’s growth from junior developer to gold producer with a market value of approximately $4 billion.
Resources experience
Mr Southam has experience as a senior executive and director of listed resources and industrial companies.
He is currently executive chair of Cygnus Metals (ASX: CY5) and non-executive director of ASX-200 gold producer Ramelius Resources (ASX: RMS) and was previously managing director of Mincor Resources.
At Mincor, Mr Southam led the company’s return to the ranks of Australian nickel producers within a three-year period, overseeing a major greenfields discovery and resource definition as well as the completion of offtake arrangements, feasibility studies, project financing and construction of the Kambalda nickel operations during the global pandemic.
During his tenure to August 2022, Mincor’s market capitalisation increased from $70m to $1b.
Performance rights
Subject to Mitre shareholder approval, Mr Southam will be issued 1.5 million performance rights under the company’s employee securities incentive plan.
One-third of the rights will vest upon completion of two years’ continuous service and Mitre shares achieving a 20-day volume weighted average price of at least $0.75 before April 2028.
The remaining two-thirds will vest upon completion of three years’ service.
Other changes
Mitre has also announced that interim executive director Raymond Shorrocks will move to the role of non-executive chair, while chair Patrick Gowans will become a non-executive director.
Resources executives Steve Parsons and Michael Naylor will continue as consultants to the company.