gold
AIM-quoted Shanta Gold, the East Africa-focused gold producer, developer and explorer, has made several changes to its senior management team.

These changes at Shanta Gold include:

  • Scott Yelland promoted to COO
  • Luke Leslie appointed as interim CFO, effective 11 September 2017
  • Honest Mrema promoted to general manager of New Luika gold mine

Senior management of Shanta Gold have also unanimously endorsed an average 15% reduction in gross cash salaries, which is in addition to the shares for cash fee sacrifice that the board of directors announced in June 2017.

The executive committee has also agreed to discretionary pay in the form of Shanta Gold shares, previously cash, to increase alignment with shareholders; and the Shanta Gold executive committee now includes a higher representation of senior Tanzanian management with strong government relations.

The above changes ensure continuity in delivering the operational consistency and improvements at New Luika gold mine that have been achieved since 2015 while solidifying the financial and commercial capability of Shanta Gold.

Shanta gold is now better positioned with highly qualified Tanzanian individuals in senior management positions assisting with in-country relations across all levels of government.

The changes to the remuneration structure reflect Shanta Gold’s ongoing initiatives to reduce fixed costs while realigning incentives for senior management to drive shareholder value.

“On behalf of the board, I am delighted to announce these changes to Shanta’s senior management,” states Shanta Gold CEO, Eric Zurrin.

Scott’s proven success at New Luika gold mine and his expanded role across our portfolio of assets ensures Shanta Gold has strong technical leadership and oversight for the future.

“An increased focus on maximising the potential of Singida is a priority for the company and Scott’s role as COO alongside Philbert Rweyemamu’s leadership at Singida is an exciting combination.

“Luke’s background in operational improvement, strategy and M&A will improve the company’s capital investment decision making process, better manage the company’s cost base and, most importantly, prioritise the delivery of shareholder returns.

“Already an integral part of our senior management team, Honest’s promotion to general manager of New Luika gold mine will be seamless. He will play a more central role in managing the operations of the high quality New Luika gold mine while strengthening community relationships in Songwe and across Tanzania,” concludes Zurrin.

“I have been working closely with Philbert Rweyemamu and Calvin Mlingi, our head of country Affairs, since 2016, both are members of our executive committee and an important part of building strong relations in country with the Tanzanian government.

“Lastly, I welcome the commitment of the executive committee members towards cost controls and increasing their alignment with our shareholders, through a positive change in the company’s remuneration structure.”

Feature image credit: Wikimedia