Multi-national company to partner Highlands Pacific

The National, Wednesday July 6th, 2016

HIGHLANDS Pacific Ltd chairman Ken MacDonald says the company has attracted multi-national company Anglo American plc to be its partner.
MacDonald said at a time when other companies had experienced great difficulty in securing joint venture partners for relatively early-stage exploration projects, the company had been able to attract Anglo American.
It will benefit from strong exploration results obtained by Highlands Pacific’s work and continue exploring what appears to be a new porphyry district in the Star Mountains project.
The board considered that in many cases, it might be better for a company such as Highlands to consider exiting a project at an earlier stage, if and when this opportunity presents itself, as part of its growth strategy. The recently announced Frieda River feasibility study which indicated that commercial operations would not commence before 2024, at the earliest, and the current equity and commodity markets, the board concluded that it was necessary to make substantial changes to significantly reduce the company’s future cost base.
Managing director John Gooding will leave the company in November after having served Highlands well for nine years.
Two other senior executives will be leaving in September.
Directors and all senior executives are taking a 20 per cent pay cut as from last Friday.
The board also announced the appointment of chief financial officer Craig Lennon as managing director from December 1 this year. Sylvie Moser will take over as chief financial officer and company secretary from Lennon.