Dominion Mining Ltd managing director Peter Alexander has announced his retirement from executive duties after 25 years of service, and has been replaced by mining executive Jonathan Shellabear.
Dominion Mining Ltd managing director Peter Alexander has announced his retirement from executive duties after 25 years of service, and has been replaced by mining executive Jonathan Shellabear.
Mr Alexander has been managing director for the last 10 years and will remain on the board as a non-executive director.
Mr Shellabear is a senior executive with extensive experience in the Australian and international mining industries, having held senior corporate roles with Portman Limited and in investment banking with NM Rothschild, Deutsche Bank and Resource Finance Corporation where he advised resource companies on a range of initiatives and transactions.
He most recently acted as an adviser to TPG-Axon, a leading global investment firm with over US$13 billion in funds under management, providing advice on investment opportunities in the global resources sector.
In welcoming Mr Shellabear's appointment, Dominion chairman, Peter Joseph, also paid tribute to Mr Alexander: "Peter has led Dominion wonderfully well during his 10 years as Managing Director, resulting in an increase in the company's market capitalisation from $25 million in 1997 to approximately $450 million today.
"Peter led the re-definition of Dominion's exploration strategy to focus firstly on the Challenger Gold Project in South Australia, which has emerged as one of the highest grade and lowest cost gold operations in Australia. It has underpinned the company's outstanding growth profile over the past decade. Secondly, the company over some years has developed an impressive suite of regional exploration plays particularly in Western Australia and from which we are now just starting to see the benefit. Allied with buoyant gold prices, the plus 100,000 ounce per annum gold producer has a strong balance sheet with no debt, nearly $50 million in cash and pays regular dividends. Peter has created quite a legacy" Mr Joseph commented.
He said Mr Shellabear's appointment marked an exciting new phase for Dominion, as the company continued to build its gold resource and reserve inventory at Challenger and further develop its significant regional exploration programme, financed by the strong cash flows generated by the Challenger gold mining operation.
"Jonathan has previously worked with us as a corporate adviser so the company knows him well and vice versa. He understands our culture and is well suited to it. He has an excellent corporate platform to work with and an absolute focus and commitment to the creation of shareholder wealth. We wish him well," Mr Joseph said.
Mr Shellabear commenced his new role today.
