Company News: Aurelia Metals, Cardno, Coronado Resources and MMA Offshore
Aurelia Metals (positive impact) announced that it has appointed a new CEO & Managing Director, along with a new COO. Mr Dan Clifford, former CEO of Stanmore Coal, will be appointed as CEO and Managing Director, while Mr Peter Trout, former Executive General Manager at PanAust Limited (an Asian regional copper-gold producer) will be appointed as COO.
The two will replace non-executive board members who have held the roles in the interim. We were pleased to see a new remuneration policy has been instituted which will see long term incentives linked specifically to growth targets (exploration, replacement of high-value resources or value-adding transactions), to be determined at the board's discretion. We see this as helping drive management to unlock the company’s strategic value (ability to consolidate and integrate other assets) within the region.
Cardno’s (neutral impact) demerger became effective, with the resulting separated entities, Intega (ASX: ITG) and Cardno (ASX:CDD), trading on a deferred settlement basis from Tuesday of this week (22nd of October 2019)
Coronado Resources (neutral impact) released its September quarterly production report. Production and sales volumes were down (15.7% and 8.7% respectively) due to scheduled mine and rail maintenance at Curragh and higher inventories at Buchanan. The average realised price for metallurgical coal was $125.9 per tonne for the quarter. We will continue to monitor the outlook for pricing in light of the impact of the ongoing trade dispute and slump in global manufacturing.
MMA Offshore (neutral impact) announced that shareholders of Neptune Marine (the subsea-services business it intends to acquire) have approved the acquisition of the business. It is expected that the deal will be completed by early to mid-November of 2019.