LEADERSHIP

"We are … pleased to welcome Adam Lundin to head up the company"

Josemaria Resources (TSX: JOSE) has appointed Adam Lundin president and CEO, and added Lundin Gold's president and CEO Ron Hochstein as a director, as it aims for development at its namesake copper-gold project in Argentina.

Staff reporter
Josemaria is aiming for development at its namesake copper-gold project in Argentina

Josemaria is aiming for development at its namesake copper-gold project in Argentina

Dr Wojtek Wodzicki stepped down from the top jobs at Josemaria but will remain a director and will focus on his role as president of NGEx Minerals.

Josemaria Resources formed mid-year as a rebadged NGEx Resources, which spun out exploration projects including Los Helados in Chile into the newly-created NGEx Minerals.

"We are putting together a management team and board with the capability to develop Josemaria and are pleased to welcome Adam Lundin to head up the company," chairman Ashley Heppenstall said.

"The focus over the forthcoming months at Josemaria will be to replicate the development success of Lundin Gold."

The company is aiming to deliver a feasibility study for the project, 10km from the Chilean border, in the first half of 2020.

A prefeasibility study in late 2018 had outlined initial capex of US$2.76 billion with an after-tax NPV (8% discount) of $2 billion and IRR of 18.7%. 

The 20-year mine was slated to produce an average 125,000 tonnes of copper, 230,000 ounces of gold and 790,000oz of silver annually.

Lundin family trusts hold 36% of Josemaria Resources.

Its shares closed up 7.2% or C5c yesterday to 74c, up from a 52-week low of 63c reached earlier this month.

It is capitalised about $185 million (US$140 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.