Zenith Minerals (ASX: ZNC) is pleased to advise it has conducted a review to refocus its Strategy with the key emphasis on base and precious metals. The core projects have all been advanced and a series of non-core assets have been divested or partnered (restructured).
- The Company has conducted a review of the required capability within the business overall to ensure it executes its value-based Strategy.
- The Strategy focusses on a core base & precious metals portfolio which is now transitioning and growing via exploration investment.
- This review has considered several matters with two of the key issues addressed in this release.
- Taking the correct strategic approach in relation to assets within the portfolio and
- Consider the closely related human capital requirements to ensure execution of the Strategy has few skill gaps.
- Strategic Approach – leading advisory firm Grant Samuel have been engaged to assist Zenith in this regard. Work in this area is broad based and will be ongoing over the coming months. Grant Samuel provides important insight and market intelligence having assisted many leading and emerging resource companies in relation to matters such as asset value maximisation, corporate action and business structuring.
- Human Capital – One of the key human capital requirements is to proactively transition and fine tune the leadership in lock step with projected changes in the Company’s assets. The first part of this process begins with the Board. In relation to the Board the following steps will now take place:
- At the upcoming AGM Mr Graham Riley has elected to retire from his position as a Non-Executive Director to pursue private interests.
- Immediately subsequent to the AGM, a new Non-Executive Director with strong corporate finance experience including project financing and deal structuring will be appointed. A suitable candidate has been identified and once engagement arrangements and related due diligence are completed more details will be disclosed.