Karnalyte Resources announces abrupt change of CEO
TORONTO (miningweekly.com) – TSX-listed potash project developer Karnalyte Resources this week announced that mining veteran Thomas Drolet had replaced Robin Phinney as president and CEO with immediate effect.
Karnalyte on Tuesday said that Drolet, with 43 years of experience in Canadian and international business enterprises focused on energy, mining and technology sectors, would replace Phinney for a temporary stint of between six months and a year.
His main duties would entail preparing a strategic plan for the corporation going forward, continuing an active search for construction financing for the company’s flagship Wynyard carnallite project, in Saskatchewan, and to start the search for a permanent CEO that would oversee bringing the project into full production.
Karnalyte also announced that the planned consolidation of the two existing offices in Okotoks, Alberta, and Saskatchewan has been put on hold.
Ron Love would also maintain his position as Karnalyte's executive VP and CFO.
Karnalyte in December received the water rights licence to use ground water (WRL) and the approval to operate works (ATO) for the source water well from the Saskatchewan Water Security Agency.
The WRL granted the corporation the right to withdraw brackish groundwater from the Blairmore formation to support the project.
The company, which is preparing to start construction of the first phase of its C$626-million project, is currently on the lookout for another partner, or other investors, to secure more financing to complete the project.
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