- Intra Energy (IEC) has appointed Benjamin Dunn as its Managing Director with a focus on the company's activities in Australia
- Benjamin is replacing Jim Sheed who stepped down as Managing Director to concentrate on the development of IEC's African operations as CEO
- IEC is currently moving on from coal-producing into gold and the new management will help lead this change
- On the market today, IEC is in the grey and trading at 0.9 cents per share
Intra Energy (IEC) has appointed Benjamin Dunn as its Managing Director with a focus on the company's activities in Australia.
Benjamin has been on the board since April 23 and will be replacing Jim Sheed who recently stepped down as Managing Director to concentrate on the development of IEC's African operations as CEO.
Following Jim's decision to lead the company's transition from being a substantial East African coal producer into gold, the board has tasked Benjamin to grow IEC’s base and precious metals exposure, especially in Australia.
"Jim Shedd has been an exceptional steward of IEC during a very difficult period in Tanzania and has been critical to the survival of our coal mining operations and their support to the industrialisation of Tanzania and the region," Chairman Graeme Robertson said.
"We have decided to move on from producing fossil fuels in Africa and Jimwill be looking at our options to enable development of our interests in the Mozambique gold industry and other African opportunities in areas which are relatively unexplored," he added.
Benjamin, speaking in his new role, said he is looking forward to taking on the challenge of growing the company.
"The business has excellent prospects and I look forward to working with Jim Shedd who will head our African developments while I will be identifying and acquiring strong precious and base metal opportunities in Australia," he told the market.
"As we transition from coal production into gold development and production in
Africa, I would like to add that while we may look at Australian exploration properties in the short term, we are ultimately a production company and intend to be that in Australia as quickly as possible," he added.
On the market today, IEC is in the grey and trading at 0.9 cents per share at 10:04 am AEST.