29Metals (ASX:29M) announces a management transition plan ahead of Managing Director and Chief Executive Officer (CEO) Peter Albert’s retirement on 30 April 2024.
The transition plan follows succession planning discussions as the company works to chart its path forward following the completion of the Capricorn Copper recovery plan and Albert’s desire to move into the next phase of his career.
29Metals, which has a $347.15 million market capitalisation, has now begun an executive search for its next Managing Director and CEO.
Chairman Owen Hegarty says Albert will continue leading 29Metals during this transition period.
“Peter’s contribution cannot be understated — he led 29Metals through its formation and successful IPO, the unprecedented challenges of the pandemic and external market conditions over the past 2 years, and then the extreme weather event at Capricorn Copper this year.”
“Peter’s contribution cannot be understated”
Albert says the 29Metals team has been ‘tremendously’ supportive through the formation and development of the company.
“There is much to do in this transition period, and that is our absolute focus; restoring the platform to take the company forward to realise and build on its potential.”
29Metals is a base and precious metals mining company focused on its assets in Australia and Chile.
As of 30 September 2023, the company had $227 million in unaudited cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au