AVZ Minerals Limited (ASX: AVZ) is pleased to announce the appointment of Mr Nigel Ferguson as Managing Director and Mr Rhett Brans as a Non-Executive Director.
Mr Ferguson transitions from Technical Director to Managing Director of the Company, reflecting the increased role Mr Ferguson is taking in all aspects of the Company’s activities, and the increased commitment required at the Manono Lithium Project. Mr Ferguson will be responsible for the management of the Company’s day to day affairs with the primary focus of advancing the Manono Lithium Project. Mr Eckhof will continue as Executive Chairman, focusing primarily on strategy, strategic relationships and the capital markets.
Mr Ferguson will receive annual remuneration of A$300,000 through a consulting letter agreement. The arrangement can be terminated by either party on six months’ notice.
Mr Brans is an experienced director and civil engineer with over 45 years’ experience in project developments. He is currently a Non-Executive Director of Australian Potash Limited and Carnavale Resources Ltd. Previously, Mr Brans was a founding director of Perseus Mining Limited and served on the boards of Syrah Resources Limited, Tiger Resources Limited and Monument Mining Limited. Throughout his career, Mr Brans has been involved in the management of feasibility studies and the design and construction of mineral treatment plants across a range of commodities and geographies including for gold in Ghana, copper in the DRC and graphite in Mozambique. He has extensive experience as an owner’s representative for several successful mine feasibility studies and project developments. Mr Brans experience in initially guiding feasibility work followed by planned development and commissioning will be of significant value as the Company advances the Manono Lithium Project. Mr Brans holds a Dip. Engineering (Civil), and is a member of the Institution of Engineers, Australia and the Australian Institute of Company Directors.
It is proposed, subject to shareholder approval, to issue Mr Ferguson (or his nominee) 12 million Performance Rights and Mr Brans (or his nominee) 4.5 million Performance Rights. These Performance Rights shall vest in three equal tranches upon the following milestones being achieved:
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