Bauxite explorer Canyon Resources Limited (ASX: CAY) today announced the appointment of leading mining entrepreneur Mr. Tolga Kumova for the role of strategic advisor of the company.
The appointment of Mr. Kumova is intended to ramp up the development of Canyon’s bauxite project Minim Martap in Cameroon. However, besides providing the strategic direction and advice in relation to the project’s key development activities, Mr. Kumova is entrusted with the responsibility of providing marketing, sales and price strategies for bauxite.
Mr. Tolga Kumova is a person known to be the founding shareholder of Syrah Resources (ASX: SYR) who has led the company in the role of Managing Director at Syrah till October 2016. Currently, Mr. Kumova is a Non-Executive Chairman of European Cobalt Ltd and Corporate Director of New Century Resources (ASX: NCZ).
As per the 2018 Young Rich List released by Financial Review, Mr. Kumova was on number 26 with a net worth of $104 million, compared to $95 million in 2017.
Moreover, besides playing an executive role at mining focused companies, Mr. Kumova holds 15-years’ experience in corporate finance, stockbroking and corporate restructuring. During his term of service at Syrah Resources, Mr. Kumova led the business from resource stage through to full funding through to development, including negotiations of offtake agreements with numerous globally recognized counterparties.
Mr. Tolga Kumova is accredited of raising more than $500 million for his listed mining ventures, mostly located in Africa. Driven by his specialized knowledge in investment management, capital generation and initial public offering, Mr. Kumova has been assigned to introduce Canyon to major Australian and international funds, investment banks and potential offtake partners while giving strategic direction to the company’s investment programs.
Canyon Resources Managing Director Phillip Gallagher stated that with Mr. Kumova’s experience it is certain that company’s Minim Martap Bauxite Project has the potential to be a world class mining asset that can be transitioned from exploration to development. He added, Mr. Kumova’s joining will open new doors to leading investment banks, funds and off take groups.
Mr. Kumova stated that Canyon’s Minim Martap Bauxite Project will potentially attract the significant interest from major aluminum industry participants globally.
In part consideration for the provision of Mr. Kumova service, he has been issued a total 30 million options divided equally into three tranches at three different prices. 50% of the total amount is exercisable 1 year following the date of signing the agreement whereas the remaining 50% after 2 years.
On the news of Mr. Kumova’s appointment, the stock price of Canyon Resources edged up 2% in the early trade today. But the stock concluded its day flat, closing at $0.215 on 6 November 2018. Over the past one-year CAY’s stock has witnessed a performance change of +104.76%.
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