Zak Mir talks to Chris Chadwick, CEO of MetalNRG, in the wake of last week’s announcement that it has signed a binding sale and purchase agreement to acquire the entire issued share capital of Compagnie Minière de Oumejrane from Managem S.A.
The Acquisition will include 100% ownership of the Oumejrane copper mine, which is in production, cash generative and profitable in the Eastern Anti-Atlas of Morocco. OMF Fund IV SPV K LLC, a fund managed by Orion Resource Partners, has entered into a US$25,000,000 convertible loan note with MetalNRG, the proceeds of which will be used by MetalNRG to complete the Acquisition.
Christopher Chadwick, Chief Executive Officer of MetalNRG, commented:
“We are delighted to have reached agreement with Managem to acquire Compagnie Minière d’Oumejrane, with financing support from Orion. This will be a transformational transaction for the Company, giving us 100% equity ownership of a fully operational, producing and profit generating copper mine. Beyond the immediate gains, this strategic move opens the door to substantial upside potential and a wider relationship with the Managem Group. We are working to expedite completion of the Acquisition as soon as possible and look forward to providing further updates in due course.”
Board Changes
Christopher Chadwick, formerly an Executive Director of the Company, has been appointed as Chief Executive Officer with immediate effect. On completion of the Acquisition, it is expected that Vinesh Karia will be joining the Group as Chief Financial Officer and Neil Gawthorpe will join as Chief Operating Officer, which will provide the Company with an experienced core senior management team.
Vinesh Karia holds a degree in Economics, is a qualified chartered accountant and has spent the last c.20 years of his career in Investment Banking advising clients on M&A, IPOs, debt capital markets, leveraged finance and credit ratings. His coverage included specializing in the metals and mining and energy sectors and has most recently acted as a consultant to a number of clients in the commodities sector with assets in emerging markets.
Neil Gawthorpe holds a degree in Mineral Engineering and has enjoyed a successful career in the mining industry spanning over 30 years. Neil has worked with a number of mining companies across Africa, including Allied Gold and Sierra Rutile. Most recently, Neil was the CEO of Tungsten West PLC, where he successfully restructured the company and was instrumental in the company receiving all necessary permits to restart production at the Hermerdon mine.
On completion of the Acquisition it is anticipated that there will be a number of other changes to the Company’s board of directors. At the time these changes are made, the Company expects to appoint a number of new independent Non-executive Directors.
