Base Resources has announced the following planned changes to the Board of Directors of the Company.
Keith Spence has informed the Board that he intends to retire as Chair and Non-Executive Director of the Company at the conclusion of the Company’s AGM to be held on 26 November 2021.
Spence joined the Board in February 2015, becoming Chair in May 2015.
Spence said: “It has been a pleasure to have worked with the Base Resources Board and management team since 2015, during which time we achieved many significant milestones including the continued evolution of safe and efficient Kwale Operations in Kenya, the acquisition and progression of the Toliara Project in Madagascar and the Company’s transition to being a dividend payer.
“Base Resources is an exceptional organisation and I am proud to have been part of its development. Base Resources has a well-earned reputation for excellence – particularly in the area of sustainable mining in Africa. Base Resources makes a genuine difference to the lives of those involved in its projects and in surrounding communities. Having served as a Director and Chair for more than six years, the timing is right for me to step down to provide an opportunity for renewal as the company enters the next phase of its development.”
Managing Director, Tim Carstens said: “As Chair, Keith has left an indelible mark on Base Resources. His wise counsel and deep experience willingly shared has served to elevate our capability and performance and ensure a business well prepared to successfully meet its future challenges.”
Non-Executive Director, Michael Stirzaker, will be appointed as Non-Executive Chair immediately following the 2021 AGM. Stirzaker has over 30 years’ commercial experience, mainly in mining finance and mining investment. Stirzaker has been a Non-Executive Director of Base Resources since 2014, having acted as an alternate since November 2011. Stirzaker is a member of the Company’s Remuneration & Nomination Committee and the Environment, Social and Ethics Committee. Stirzaker is also chair of Akora Resources Limited and a non-executive director of Prodigy Gold NL.
In accordance with the definition of independence specified in the Company’s Board Charter, the Board has determined that Chairelect, Stirzaker, will be considered independent upon commencing as Chair. Having retired from his prior role with major shareholder, Pacific Road, in August 2019, and with him ceasing to be Pacific Road’s nominee on the Board, as supported by his consistent and demonstrated prior behaviour, the Board is entirely satisfied with Stirzaker’s capacity to bring an independent judgement to bear on issues before the Board and to act in the best interests of the Company as a whole.
Scot Sobey has been nominated by Pacific Road for election as a Director of the Company at the 2021 AGM. Sobey is an Investment Director at Pacific Road where he is responsible for the screening of, evaluation of and subsequent investment in, resource related investment opportunities. He is a mechanical engineer, with greater than 15 years’ experience in the resources industry and significant development and operating expertise across multiple commodities. Sobey’s proposed election as a Director is subject to shareholder approval at the 2021 AGM, further details of which will be provided in the Notice of 2021 AGM to be released to ASX by 27 October 2021.
Chair-elect, Stirzaker said: “Keith has contributed significantly to the Company and its successes over many years, and we are fortunate to have had a person of his calibre chairing the Company over this time. I would again like to thank Keith on behalf of my fellow directors for his service to the Company and wish him well in pursuing his future endeavours. Subject to shareholder consideration at the 2021 AGM, I also welcome Scot to the Board. I look forward to the exciting opportunity of being Chair of this great company as we pursue all opportunities to create value for our stakeholders”.
Executive Director – Operations and Development, Colin Bwye, has also informed the Board that he intends to retire from the Company and as a Director at the end of March 2022. Bwye has been with Base Resources for over 11 years, having joined in July 2010, just prior to the Company acquiring the Kwale Project in Kenya. Mr Bwye was instrumental in progressing the Kwale Project through development and into successful operations and the Toliara Project through the study phases.
Bwye said: “It has been an absolute privilege to be part of an outstanding organisation over the past 11 years. For this, I sincerely thank all “Base people”. I am immensely proud of what we have achieved over this time, the manner in which we have achieved it and my contribution to leading it. With the supremely capable leadership team we have established, a strong, positive organisational culture and a robust business model, Base Resources has an exciting future ahead and one that I will enjoy watching unfold.”
Chair, Spence said: “Colin’s retirement marks an important milestone for Base Resources. In playing the role he has in the development of Kwale and progression of Toliara, he has contributed significantly to the establishment of a company well placed to continue to succeed beyond his involvement. On behalf of the Board, I would like to sincerely thank him.”
Managing Director, Tim Carstens said: “Working with Colin in developing Base Resources into the organisation that it is today has been a remarkable journey. I, and the entire Base Resources team, wish him well in retirement as we capitalise on the legacy he has helped create.”