Gennady Bogolyubov's Consmin names new CFO
KYIV. Sept 2 (Interfax) - Australian Consolidated Minerals Limited (Consmin), a mining concern owned by Ukrainian Privatbank co-owner Gennady Bogolyubov, has appointed David Slater the new CFO, replacing Jackie Calloway, who left the company in July, Consmin said in a press release.
Slater has been Consmin's Group Financial Controller since he arrived at the company 18 months ago. He will join the board and the group executive committee, the press release says.
Consmin is the fourth largest producer of manganese ores in the world and plans to boost output to 3.3 million tonnes a year. Its main manganese assets are the Woodie Woodie mine in Western Australia, which contained 16.7 million tonnes of ore (38% manganese content) as of June, and the Nsuta Mine in Ghana with 24.4 million tonnes of ore (29% manganese content). Consmin also mines chromite ores.
Bogolyubov acquired Consmin in January 2008 for 1.3 billion Australian dollars ($1.2 billion at the time), culminating a fierce 18-month battle for control of the company. Afterward the company delisted its shares from the Australian Stock Exchange.
Consmin narrowed its net loss more than 90% to $44.2 million in 2012, despite a 21.6% decline in sales to $554.1 million. The company posted a net profit of $56.4 million in the first six months of 2013 compared with a net loss of $5.9 million in the same period last year. Revenue rose 27.2% in the first half to $333.5 million.
The net profit in the second quarter quadrupled to $32.8 million, although revenue rose just 1.6% to $166.8 million.
Manganese ore production in 2012 declined 6.1% to 2.97 million tonnes and sales of the ore declined 15.3% to 2.94 million tonnes. However, production was up 4.4% to 1.69 million tonnes in the first half and sales rose 16.4% to 1.64 million tonnes.
Chromite ore production declined 1.3% to 219,400 tonnes in the first half this year. Sales were down 3.9% to 201,800 tonnes.