Sirius Minerals PLC: Management Changes and Office Closure
August 6, 2014 (Source: Sirius Minerals) — The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) (“Sirius” or “the Company”) are pleased to announce a change to its management structure.
The board has made the decision to close the Sydney office due to the complete focus of the Company on the success of the York Potash Project. Most executive roles in the Company, which were initially housed in the Sydney office following the acquisition of York Potash Ltd, have gradually been migrated to the UK over the past two years.
As a result the role of CFO will now also be relocated to the UK and the current CFO Jason Murray will not be relocating due to personal reasons. He will therefore leave the Company and resign his position from the board during August. A replacement CFO will be appointed following a global search which is now underway.
The existing finance team, primarily located at the Company’s Scarborough office, will continue to function as normal. This team will continue to be led by Jackie Flynn, the York Potash Project CFO, who will provide interim cover for the Group until a new UK-based CFO is appointed.
The board would like to record its appreciation to Jason for his contribution to the progress of the Company and wishes him every success in the future. During Jason’s tenure the Company has built a fully-fledged finance function, upgraded internal controls and has successfully completed two fundraisings enabling it to get closer to construction commencement of the Company’s flagship York Potash Project.
In recognition of the increasing focus on the financing of the York Potash Project the Company has decided to expand its financing team with the appointment of Thomas Staley in the role of Corporate Development Director. In addition to the appointment of Thomas, the Company expects to appoint a new Investor Relations Director in the near future.
Thomas has over ten years of experience developing energy, resource and infrastructure projects across a range of international markets. His core competency is structuring commercial arrangements and financing projects utilising a wide range of capital including project and export credit backed debt, mezzanine debt and equity.
During his career he has worked for Origin Energy and Babcock & Brown in Australia and Mubadala Development Company in Abu Dhabi. He is currently Head of Commercial and Risk for Origin Energy’s International Development business with a number of development assets located across South East Asia and Latin America. This role includes Thomas holding the position of CEO for OTP Geothermal, a geothermal exploration company located in Indonesia associated with Origin Energy.
Russell Scrimshaw, Chairman of Sirius, commented:
“Our executive functions are located in Scarborough and London and it no longer makes sense for us to incur costs associated with other offices. As we continue to plan the development of the Company this restructure and new appointment pave the way for further success. We thank Jason for his efforts and welcome Thomas to the team.”
Jason Murray, commented
“Sirius Minerals is an outstanding company, with a world class project and management team. The positive impact of the York Potash Project to the region and broader economy cannot be underestimated and I look forward to closely following its success in the future.”
About Sirius Minerals Plc
Sirius Minerals is a globally diversified potash development company. Its primary focus is to bring on stream major potash mining facilities through the acquisition and development of projects overlying recognized potash deposits. Today it holds properties in the United Kingdom (North Yorkshire) and the United States (North Dakota). Incorporated in 2003, Sirius Minerals’ shares are traded on the London Stock Exchange’s AIM market. Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility. Further information on the Company can be found at www.siriusminerals.com.