TORONTO (miningweekly.com) – Project developer Aquila Resources has appointed director Edward Munden as its board’s new interim chairperson, after Mark Burridge stepped down with immediate effect to pursue other opportunities.
Having been appointed a director of the company since 2001, Munden had more than 35 years experience working with private and public companies in the mining and energy sectors.
Burridge would remain as an advisor to Aquila for a fixed term, providing as-needed services in the future.
The last two years had been transformational for Aquila. The company had strengthened its management team, submitted its key permit application and was funded to move the project through its next phase of development, Burridge commented.
Aquila late in November reported that its mine permit application for its Back Forty project, in the US, was administratively complete. Aquila said that the Michigan Environment Quality Department had completed its initial review of the application and that it would proceed with the technical review.
The Back Forty project’s updated preliminary economic assessment, filed in July 2014, demonstrated strong economics with a pre-tax net present value of $282-million and a pre-tax internal rate of return of 38.8% based on mining 16.1-million tonnes of mineralised material over the 16-year life of mine, of which 12.5-million tonnes will be openpit and 3.6-milion tonnes will be underground.