Kasbah Resources advises CEO, Russell Clark has resigned, effective 1 April 2019.
Clark joined the company in October 2017 and has been instrumental in leading Kasbah as it produced the 2018 Achmmach Tin Project Definitive Feasibility Study and progressed financing and final engineering design.
Clark joined Kasbah with the specific mandate of securing financing of the company’s flagship Achmmach Tin Project and commencing construction of the mine.
Due to current market conditions, financing of the project has taken longer than the company originally anticipated and recognising the relatively high cost of the executive group and the need to conserve cash, Clark has stepped down to seek other opportunities in the market.
The Board of Directors has accepted his resignation in lieu of notice with effect from 1 April 2019 to provide the incoming CEO sufficient time and freedom to execute on the company’s strategy going forward.
Evan Spencer, currently COO of Kasbah, has been appointed as CEO effective 1 April 2019.
Spencer is a highly experienced mining executive and has held a wide range of executive, senior management and operational roles in mining, both domestically and internationally over 25 years.
He has held senior roles with Barrick Gold, Kagara, Goldfields of South Africa, Aditya Birla Minerals and GBF Mining Contractors. Prior to joining Kasbah, Spencer oversaw the construction, commissioning and production of the Ban Phuc nickel mine in Vietnam.
Non-Executive Chairman, John Gooding, comments:
“We are very fortunate and pleased to appoint Evan as chief executive in this pivotal time for the company as it works towards securing financing and commencing construction of the Achmmach project.
“Evan has a deep understanding of the company’s position through his previous COO role and brings significant experience as well as strong existing relationships with the company’s staff, joint venture partners and stakeholders which will help to ensure a seamless transition and ensure that the company continues to push forward with its near-term objectives. We are disappointed to see Russell go.
“He has provided stability and tremendous leadership with the small group we have in Kasbah.
“He oversaw the 2018 DFS, rebranded and marketed the company extensively and strengthened the relationship between Kasbah and its Joint Venture partners, as well as the stakeholders in Morocco.
“On behalf of the board and shareholders, I thank Russell for his invaluable contribution and wish him the best in his future endeavours.”