Vanadium Resources (VR8) has appointed John Ciganek as Managing Director and Chief Executive Officer, effective from January 9.
Mr Ciganek has been serving as an independent, non-executive director of VR8, and will remain in this role until he steps up to lead the company.
The new incoming MD has more than 30 years’ experience in the mining and finance industries, is a qualified mining engineer and holds a Master of Business Administration.
His work portfolio includes being Principal and Director of Euclase Capital, Executive Director of BurnVoir Corporate Finance, Senior Banks Engineer and Risk Executive at Commonwealth Bank.
He was also the Senior Mining Engineer at Hargraves Resources, Reynolds Yilgarn Gold and Comalco / Rio Tinto (previously CRA).
Importantly, these roles have given Mr Ciganek experience in project development and project financing, including with offtake agreements, mergers and acquisitions and equity capital.
The company said this experience will be beneficial for the company in things like its upcoming planned procurement of debt and equity funding, and arranging suitable off-take.
His appointment also comes as the company transitions from a mid-tier mining company, to transforming its Steelpoortdrift Vanadium project in South Africa into “the next global Vanadium producer.”
Mr Ciganek is replacing outgoing CEO, Eugene Nel, who stepped down from the role on December 9.
“With the project transitioning towards a potential mining operation, I was privileged as Non-Executive Director of the Company to become very familiar with the Company’s prospects, its objectives and the quality of Steelpoortdrift,” incoming Managing Director John Ciganek said.
“When the possibility arose to lead the Company through these next stages, I could not resist the opportunity of becoming part of developing this world class asset.
“I am looking forward to joining the executive team as Managing Director and putting the sum-total of my professional life to task in achieving VR8’s objectives.”
Mr Ciganek will receive $250,000 per year for the role, plus performance rights in the form of a share plan.
VR8 shares were down 3.23 per cent, trading at 6 cents at 2:28 pm AEDT.
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