Beleaguered junior Core Lithium has this week announced that Gareth Manderson will step down as CEO.
Core, which is listed on the ASX, is restructuring its business in response to the decrease in spodumene prices. Mining operations at its Finniss mine, in Northern Territory, have been suspended, but the company is processing ore stockpiles to produce spodumene concentrate for sale to customers.
The BP33 early works have also been suspended.
“Gareth joined Core at a difficult time: the Grants openpit mine was underperforming and the mine infrastructure was not complete. He joined to provide the leadership and skills required as a developer and operator. He has delivered the Finniss project, established concentrate production, shipping and sales processes and developed the governance, practices and processes required of a listed mining company. He has built a capable corporate and site team with a problem solving and continuous improvement mindset.
“While it is very unfortunate that Gareth is leaving, we are pleased with the rapid and decisive approach he and his team have taken in the light of the dramatic downturn in commodity prices to preserve cash, define the value of the business in this market and recommend this new strategy,” said Core chairperson Greg English.
Doug Warden, Core’s current CFO, will assume the role as interim CEO, while an executive search is under way for a permanent replacement.
With the appointment of Warden as interim CEO, James Virgo was named interim CFO.