Sorry if this has been posted previousely, but very good article. Reading up on Mark Maine, future consolidation, continuing firming up of what appears to be some good gold resources definately makes me think just maybe these guys are serious and push us into production.
SALLY ROSE Gold explorer Pacrim Energy has appointed one of its non-executive directors, Mark Maine, executive director. Pacrim executive chairman Rodney Foster confirmed Maine had begun acting in the role “today and is currently in the process of setting up an office in Perth”.
Maine’s actual job title “hasn’t been formalised but he will be acting in more of a CEO-like role” says Foster.
“Up until now [Pacrim] has been fundamentally an exploration company. Maine’s new appointment comes as the company plans to move its Redcliffe Gold Project, near the small mining town of Lenora approximately 230km north of Kalgoorlie, WA, in to production,” says Foster.
Maine did not yet have an expected start date for Pacrim’s production at Redcliffe but the company was “looking at a number of satellites and hoping to make a decision in this half of the year”.
Pacrim is also keen to avail itself of Maine’s experience in East Africa as “Tanzania and Keyna are both possible fields for future discoveries”, says Foster.
Asked what he hopes to achieve in the new role, Maine said: “to rebuild Pacrim to reposition the company towards production whilst also looking for offshore exploration opportunities, particularly in East Africa”.
Maine says there are many opportunities in East Africa both due to the potential wealth of unexplored deposits and the less burdensome regulatory environment.
“Prior to Peak’s identification of the potential of the Ngualla project in Tanzania it was only seen as having potential as a phosphate mine but Peak’s exploration discovered very, very large deposits of medium grade rare earth deposits, which are used in electronics, batteries, hybrid cars and wind turbines,” Maine says.
He describes the regulatory environment in Tanzania as “fairly conducive to getting on the ground and getting things done”. Of Peak Resource’s discoveries at Ngualla he says it was advantageous the company “was able to get in and find it without having to spend years sitting on its hands waiting for clearances”.
There are also “challenges that come with working in an economy at that stage of economic development”, he says, including “making sure the company is doing the right thing around anti-bribery and corruption laws”. But on balance Maine regards Tanzania as “a great place with beautiful people” saying “it’s good to be able to contribute to development there”.
Foster hopes any future exploration projects in East Africa will be funded by the production in Western Australia but says “it is a possibility that funding partners will be a future requirement”. Should funding requirements become more complex as the company grows Foster, a geologist, plans to call on Maine’s finance experience.
Maine was a founding director of Peak Resources where his initial title was managing director, later becoming executive director. Peak Resources floated on the ASX in November 2006. Maine left Peak Resources in June 2011, resigning from his company secretary role on June 16 and his executive director role on June 30.
Maine previously held executive directorships with other listed exploration companies KLM, El Dore Mining, Newera Uranium, Balkans Gold and Invitive (pre-IPO). Foster noted of Maine’s directorships of other listed corporations other than Peak Resources, “many were minor involvements during corporate work for start-ups” .
Maine was also a corporate finance director with Deloitte and managing director of Perth-based Montagu Stockbrokers (subsequently acquired by Patersons) or more particularly Montagu Corporate. Maine holds Master of Commerce (commercial law), a post-graduate diploma (business law) a bachelor of business (accounting) and is a CPA.
The Australian Financial Review
Link http://afr.com/f/free/blogs/cfo/maine_takes_on_top_role_at_pacrim_KuidQotQynLmB24ZddZERK
PRE Price at posting:
7.5¢ Sentiment: Buy Disclosure: Held
