ASX-listed potash miner Davenport Resources has appointed former Lonmin CEO Ian Farmer as nonexecutive chairperson as it continues the development of its portfolio of potash projects in Germany.
Interim chairperson Dr Reinout Koopmans will step down with immediate effect, but will remain on the board as a nonexecutive director.
“We are very excited to have a candidate of Ian’s calibre appointed as our chairperson,” Koopmans comments.
Farmer’s appointment is part of a board restructure to increase the company's effectiveness in progressing the development of its potash projects, while addressing the cost base of the company.
Farmer is a UK-based, experienced mining executive, who served as CEO of platinum miner Lonmin between 2008 and 2012, where he oversaw a period of significant transformation, both operationally and financially.
During his 26 years at Lonmin and its parent company Lonrho, Farmer held various other financial and strategic positions, including chief strategy officer from 2006 to 2008. He also led the acquisition of various junior mining projects and integrated them into the group.
Lonmin has since been bought out by precious metals miner Sibanye-Stillwater.
Meanwhile, Farmer has been a nonexecutive director of The Royal Marsden NHS Foundation Trust in the UK since 2014 and was previously a nonexecutive director of VTTI Energy Partners (from 2014 to 2017).
“[Farmer] has tremendous experience in mining. His background in financial management, corporate development, marketing and strategy will be of great value to Davenport,” says Koopmans, adding that, having completed the scoping studies for what is Western Europe’s largest potash inventory, Davenport is excited to move towards the next phase under Farmer’s lead.
Farmer says he is “thrilled” to be returning to the resources sector with Davenport.
“The company has attractive assets that are favourably located and in a commodity with solid future prospects. I look forward to working with the Davenport team in unlocking the considerable potential of the company’s assets.”
Meanwhile, the company also reports that MD Dr Chris Gilchrist has agreed to have his salary reduced on a temporary basis by 30% and will no longer participate in the company’s salary sacrifice plan.
Nonexecutive director Patrick McManus also intends to step down from the board at the next annual general meeting, which is planned for November.
Davenport's project portfolio includes the Nohra-Elende project, in Germany, which has an inferred resource of 1.7-billion tonnes at 9.7% potassium oxide.