- Aguia Resources has officially appointed Ms Christina McGrath as Executive Chair.
- Ms McGrath has been effectively acting as Executive Chair since her appointment as Non-Executive Chair of Aguia in June 2019.
- The Company is positioned well for 2022 with a solid cash base and 100% ownership of its Southern Brazil-based phosphate and copper projects.
Multi-commodity company Aguia Resources Limited (ASX: AGR) recently appointed Ms Christina McGrath as Executive Chair of the Company that owns pre-production phosphate and metallic copper projects, located in Rio Grande do Sul, Brazil.
Since her appointment as Non-Executive Chair of Aguia in June 2019, Ms McGrath has been effectively acting as Executive Chair and has been providing considerable corporate support to the Company over a broad range of areas.
The Aguia Board has determined to formalise Ms McGrath’s position henceforth and have set her annual salary as Executive Chair at AU$165,000. In addition, the Board agreed to remunerate Ms McGrath with a one-off issue of 2 million shares. The share issue was approved by shareholders at the 2021 Annual General Meeting.
What does Executive Chair Christina McGrath say?
Optimistic about project developments, Christina McGrath commented, “Aguia is very well-placed for 2022 with a solid cash base and 100% ownership of its phosphate and copper projects.”
She indicated that the Company has exposure to two commodities that have favourable long-term fundamentals and are in high demand.
With Aguia anticipating a steady stream of operational updates, Ms McGrath highlighted that she looks forward to continuing to work closely with the “Board and Fernando and his very capable team in Brazil to unlock the Company’s underlying value.”
Aguia committed to leverage opportunities in Brazil’s agriculture sector
Aguia’s key projects - the Três Estradas Phosphate Project (TEPP) and the Andrade Copper Project (Andrade) are based in Rio Grande do Sul of Southern Brazil, a home to the country’s richest agricultural assets.
Despite the fertile soils of Rio Grande do Sul, the continuous cultivation over half century has exhausted soil nutrients. It has led to a high demand for phosphate fertilisers in the state, which is 100% dependent on imports of both phosphate and copper.
Aguia’s key projects, TEPP and Andrade, exhibit high-quality and low-cost production characteristics for phosphate and copper, respectively. Moreover, their location within close proximity to road, rail and port infrastructure offers further growth avenues.
Road Ahead for Aguia Resources
In line with the Company’s commitment to advance the projects, several developments have been undertaken.
Source: Copyright © 2022 Kalkine Media®, Data Source: AGR Presentation, dated 30 November 2021
AGR shares traded at AU$0.054 on 12 January 2022.