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  • Magmatic Resources (MAG) has appointed former Sky Metals CEO and Managing Director Peter Duerden as the new Managing Director of Magmatic
  • Prior to working at Sky Metals he held exploration manager positions at Newcrest Mining and Alkane Resources
  • Mr Duerden is a geoscientist with specialised knowledge in mineral systems in New South Wales, where all four of Magmatic’s projects are located
  • The appointment will be effective from February 3, 2020 pending shareholder approval and will result in several board changes
  • Magmatic Resources rose 5.88 per cent after the news with shares selling for 18 cents each at Market close
  • Shares in Sky Metals however fell 12.4 per cent today, closing at 7.8 cents apiece

Magmatic Resources (MAG) has appointed former CEO and Managing Director of Sky Metals (SKY) Peter Duerden as its Managing Director.

Consequentially there will be several changes to Magmatic’s board. Current Managing Director David Richardson will take on the role of Executive Chairman.

Chairman David Berrie will become the Non-Executive Director. Malcolm Norris, who currently holds this role will subsequently step down from the Board.

The appointment of Peter Duerden and other board changes will be effective from February 3, 2020, pending shareholder approval.

Mr Deurden will step down from the role of Managing Director at Sky Metals (SKY) after taking up the position less than three months ago. Before becoming the company’s Managing Director, he was appointed as Sky’s CEO in June this year.

It is expected he will continue serving as Managing Director of Sky for up to three months under his notice period while Sky begins the recruitment process.

Meanwhile the Non-Executive Director Rimas Kairaitis will step in to assist with technical management of the company’s active exploration programmes.

Prior to working at Sky Metals Mr Duerden held exploration manager positions at Newcrest Mining and Alkane Resources.

He is a Registered Professional Geoscientist with a specialised knowledge in East Lachlan mineral systems in New South Wales, where all four of Magmatic’s projected are located.

This regional expertise will be a great asset to Magmatic Resources, according to current Managing Director David Richardson.

“Peter is considered an expert on East Lachlan Porphyry Gold-Copper systems having previously been district manager, NSW for Newcrest Mining and in charge of Alkane Resources’ North Molong Belt Alkalic Porphyry Gold-Copper exploration for 10 years.”

“Peter’s region defining work at Alkane contributed significantly to the recent Boda Porphyry Gold-Copper discovery and we are delighted to have him join the Company,” said Mr Richardson.

Mr Duetten will receive a $260,000 salary for the new role with a 6 month notice period.

Magmatic Resources rose 5.88 per cent after the news with shares selling for 18 cents each at Market close.

Shares in Sky Metals however fell 12.4 per cent today, closing at 7.8 cents apiece.

MAG by the numbers
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