Exploration/Development, Finance, News, Nickel

Poseidon boss resigns following MinRes deal

nickel, Image: Anastasiia

After divesting its Lake Johnston assets to Mineral Resources for $15 million, Poseidon Nickel is back to doing what it does so well: exploring.

Having overseen the proposed sale of Lake Johnston, as well as implementing aggregated annualised cost savings of over $6 million, Poseidon chief executive officer (CEO) Craig Jones will depart his role.

“With the divestment of Lake Johnston, Black Swan remaining on care and maintenance, the shift back to exploration and the continued focus on cost reduction, Craig Jones – who has a strong operational background – has decided to seek other opportunities,” Poseidon chairman Peter Harold said.

“On behalf of the board, we would like to thank Craig for his leadership in … providing a strong foundation as a re-focused exploration company.”

According to the company, the restructure will help further reduce costs, and to ensure that the right skill sets are in place as it shifts focus to exploration targeting high-grade nickel sulphide resources.

Jones will be replaced by chief financial officer (CFO) Brendan Shalders, who has been with Poseidon since 2019.

“Going forward, Brendan brings significant experience and continuity to the CEO role…  having been instrumental in the implementation of the company’s strategy, Black Swan bankable feasibility study, the proposed sale of Lake Johnston and in particular restructuring the cost base of the company,” Harold said.

It is understood that the CFO role will not be replaced.

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