SYDNEY, AUSTRALIA: Sandfire Resources Limited announced Karl Simich has decided to step down as the Company’s Managing Director and Chief Executive Officer (CEO).
Karl Simich and the Board believe now is a logical time for a leadership transition as Sandfire continues the next phase of its growth path as an international copper miner, having announced the transformational US$1.865 billion acquisition of the MATSA Copper Operations in late September 2021, seeing it through its successful integration and now its third quarter of successful operations during 2022.
The Company is now consolidating this acquisition, focusing on further optimising and enhancing the MATSA operation, while also preparing to deliver its new Motheo Copper Mine in Botswana, which is on track for commissioning in the June Quarter of 2023 with established bank financing as announced today.
Karl Simich has led Sandfire from its early days as a junior explorer, through the discovery, financing development and successful 10-year operation of the highly profitable DeGrussa Copper Operations, where mining activities concluded this month. During this period, Sandfire developed a strong reputation as a leading mid-tier Australian mining company.
More recently, he has overseen the implementation of Sandfire’s international expansion strategy to become a globally significant copper miner, with operations and development projects now spanning three continents.
Sandfire’s Chief Operating Officer, highly experienced mining executive Jason Grace, has been appointed as Acting CEO while an ongoing global executive search process for Mr Simich’s successor is concluded. Mr Grace will be supported by Sandfire’s Chief Financial Officer and Company Secretary, Matthew Fitzgerald.
Outgoing Sandfire CEO, Karl Simich, said: “After what has been an incredible journey over the past 15 years, I believe now is the right time to hand over the reins to a new CEO to take this company forward into the next decade. I am immensely proud of everything the Sandfire team has achieved during my tenure – which has seen the Company evolve from junior explorer to successful mid-tier miner and now an emerging and globally significant copper mining company with a very exciting future across some of the world’s best copper belts.
“We have built up an incredible team of people, a strong culture, world-class systems and a business underpinned by quality assets. With the MATSA acquisition complete, Sandfire has a strong foundation for the next decade and with the Motheo development on track – is about to spread its wings as a growing copper producer in the Kalahari Copper Belt. As the Company’s largest individual shareholder, I look forward to sharing in our continued success into the future”.