Redbank Copper (ASX:RCP) - Managing Director, Hugh Thomas
Managing Director, Hugh Thomas
Source: International Base Metals
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  • Redbank Copper (RCP) has appointed Hugh Thomas as its Managing Director in a bid to strengthen its management team
  • The appointment comes with an annual salary of $350,000, along with the issue of 7,500,000 options with an exercise price of 10 cents, subject to shareholder approval
  • The company says the appointment will enable the current Executive Director, Michael Hannington, and the technical team to focus squarely on the exploration and value creation of Redbank’s large tenement package
  • Hugh Thomas will take over the role from February 7, 2022
  • Redbank Copper was up 2.78 per cent, trading at 7.4 cents

Redbank Copper (RCP) has appointed a new Managing Director in a bid to strengthen its management team.

Hugh Thomas will take over the role from February 7, 2022.

The appointment comes with an annual salary of $350,000, along with the issue of 7,500,000 options with an exercise price of 10 cents, subject to shareholder approval.

Hugh Thomas brings with him over 35 years of industry experience, having held several executive management and consultancy positions across the natural resources sector. His previous roles included Managing Director and head of Asia Pacific Natural Resources for both JP Morgan and Morgan Stanley in Hong Kong, and head of natural resources investment banking at Investec Bank in Sydney.

“Hugh has a successful track record in the natural resources sector and brings to the Board a strong blend of corporate and operational expertise,” said Redbank Chairman Tony Kiernan.

“Over the past 18 months our exploration team has made solid progress towards unlocking the value of our Northern Territory copper portfolio, with detailed groundwork highlighting drill targets that will be a focus of our 2022 exploration program.

“Our ability to attract Hugh is a testament to the quality of our exploration assets and he joins Redbank with a clear vision to capitalise on the exploration work completed to date, at a time when global demand for copper is continuing to strengthen.”

The company noted that Hugh’s appointment will enable the current Executive Director,  Michael Hannington, and the technical team to focus squarely on the exploration and value creation of Redbank’s large tenement package.

As Hugh Thomas joins the board, Michael Hannington has advised he will step down as a director but will remain a contracted consultant.

Redbank Copper was up 2.78 per cent, trading at 7.4 cents at 12:30 pm AEDT.

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