THE WEST AUSTRALIAN
Friday, 01 February 2013 09:41
South Boulder Mines has installed former BHP Billiton mine manager and newly appointed chief operating officer Paul Donaldson as its new chief executive.
Mr Donaldson replaces Lorry Hughes, who resigned as both chief executive and managing director today.
The company said Mr Hughes would stay with the company to help manage the transition for up to six months.
Mr Donaldson, a former general manager of BHP's Area C mining operation in the Pilbara, will be thrust into delicate negotiations with the Eritrean Government over the ownership structure of the company's flagship Colluli potash project.
In November, the Eritrean government demanded the company put forward a proposal for a 50/50 profit share deal over Colluli with the company paying 100 per cent of the development costs.
South Boulder had wanted the Eritrean Government to acquire a 30 per cent paid interest in the project, in addition to its existing free-carried 10 per cent stake.
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