Kolar Gold Ltd is a India gold exploration and mine development company. Share Talk caught up with Cameron Parry last week in London to ask questions share holders had submitted.
July 2016, the company appointed Cameron Parry, a non-executive at AIM-listed resources investor Metal Tiger, as its chief executive. Kolar raised GBP900,000 in a placing, in which Metal Tiger had acted as a cornerstone investor. Parry had himself been chief executive of Metal Tiger until a management shake up in February.
It also appointed Luke Cairns as an executive director.
Parry said that, since then, “the new management has made significant progress to remedy structural deficiencies and operational inefficiencies that existed within the company previously. Concurrently we have been developing a strategy to build value and generate cashflow whilst managing risk.”
Kolar said that, since their appointment, the new executive team reviewed the company’s historical operations and had put in place measures to control costs. This included liquidating Australian subsidiary Kolar Gold Pty Ltd and setting up an operating office in London.
“We are also looking to develop complementary business opportunities for the Indian market and to become a co-operator of near-term cashflow generative gold projects within an alternative jurisdiction,” Parry added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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