PERTH (miningweekly.com) – Uranium miner Paladin Energy is hunting for a new CEO, after John Borshoff stepped aside on Monday.
Paladin said in a statement that while the process was under way to identify a suitable CEO to succeed Borshoff, former SouthGobi Resources president and CEO Alexander Molyneux had been appointed as interim CEO.
Molyneux’s core mandate would be to continue the optimisation of Paladin’s overall cash flow break-even level with the aim of becoming cash flow generative in the current uranium price environment, to focus on accelerating strategic initiatives that deliver value and to assist the board in its search for a permanent CEO.
Borshoff, who founded Paladin some 21 years ago, would also assist in a transitional role during the six-month notice period provided for in his employment contract.
The uranium miner had faced a tough few years, placing its Kayelekera mine, in Malawi, on care and maintenance as the uranium price fell and, this year, alone raising some $150-million through the issue of convertible bonds to bolster its cash position.
The miner, at the end of July, also announced plans to cut some $33-million in capital costs during the 2016 financial year, as it awaited a turnaround in the uranium price.