Entering text into the input field will update the search result below

Ascot Resources Announces Board Changes

Jul. 26, 2013 1:16 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

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.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.