Buxton appoints new CEO

Buxton Resources has appointed former Fortescue Metals Group exploration and evaluation director Eamon Hannon as its new chief executive officer, as Anthony Maslin steps down as managing director.

Mr Hannon was with Fortescue for almost nine years, before he resigned in late 2012, around the same time that the company cut more than 1,000 jobs to offset a decline in iron ore prices.

He was director for the bankable feasibility study of Fortescue’s Solomon mine, which was the single biggest tonnage start up mine in Australia’s mining history at 60 million tons of iron ore production per annum.

The company simultaneously announced managing director Anthony Maslin will move to a non-executive director role.

Buxton disclosed Mr Maslin's new salary will comprise $35,000 per annum exclusive of superannuation plus 600,000 unlisted options.

Buxton said in an announcement the appointment of Mr Hannon was important towards advancing the company’s projects, particularly its nickel-copper projects in the Fraser Range and advancing the Yalbra graphite project through economic studies.

Mr Hannon’s salary will be $120,000 per annum exclusive of superannuation, with an additional long term incentive of 1 million unlisted options.

Buxton chairman Seamus Cornelius said Mr Hannon will be an asset to the company.

Buxton announced last month it planned to raise $2.6 million to fund drilling at the Yalbra project and the Zanthus Ni-Cu project in the Fraser Range.

It also released an updated resource estimate last week, announcing tonnage had almost doubled in the estimate for Yalbra.

Buxton shares closed at 18 cents today, down around 5 per cent.