Ascot Resources' (ASX: AZQ) executive chairman Paul Kopejtka has stepped down from his position to take a less active role as a non-executive director of the company after successfully positioning it as a multi-project, emerging developer of metallurgical coal projects in Colombia.
In his place, managing director Andrew Caruso has been appointed the executive chairman with effect from 29 July 2013.
"Paul's substantial efforts in establishing an in country management team with local experience in project development is testament to his commitment to successfully delivering the Titiribi Project," Caruso said.
"This commitment has been further demonstrated by the proposed acquisition of the Uraba Project and the investment of working capital into the company against extremely challenging market conditions."
Earlier in the week the company announced that it is acquiring a 90% interest in the 5,000 hectare Urabá coal mining concession in Colombia that could offer synergy benefits - including production of a blended coal product - with its Titiribi Coal Project.
Urabá preliminary assays from coal surface samples and trenching of weathered outcropping coal indicate a reasonably high rank coal with some elevated Free Swell Index's (FSI's), suggesting that the coal has the potential to contain metallurgical qualities.
Coal from Urabá could potentially be blended with coal from Titiribi to produce a blended product with increased marketability and volumes.
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