Castillo Copper Appoints Interim Executive Director Amid Leadership Transition

10 October 2023 10:49

Castillo Copper Limited (ASX:CCZ) has revealed a significant change in leadership as Managing Director Dr. Dennis Jensen resigns immediately to pursue a new business opportunity, leading to the appointment of Mr. Jack Sedgwick as the interim Executive Director, charged with managing daily operations and strategic direction during a pivotal phase in Castillo Copper’s journey.

The Departure of Dr. Dennis Jensen

Dr. Jensen’s departure from Castillo Copper marks the end of an era. He has been at the helm during a period of significant challenges, including external factors that have impacted the industry and the Company’s core business.

The Board recognised Dr. Jensen’s unwavering dedication and invaluable contributions to the organisation during his tenure, extending their best wishes for his success in his upcoming business venture.

Mr. Jack Sedgwick Assumes Interim Leadership

To ensure continuity in leadership during this transitional period, Castillo Copper’s Board has entrusted Mr. Jack Sedgwick with the role of interim Executive Director.

Mr. Sedgwick’s appointment highlights the Company’s dedication to upholding stability and efficient leadership during uncertain times, with him taking charge of both daily operations and the pursuit of strategic objectives.

Employment Terms for Mr. Jack Sedgwick

In light of his new role as interim Executive Director, Mr. Sedgwick will receive a higher duties allowance of $60,000 per annum, inclusive of superannuation.

This allowance will be pro-rata for the duration of his appointment. Importantly, all other terms of Mr. Sedgwick’s employment will remain unchanged, ensuring a smooth transition and continuity in the Company’s leadership.

Castillo Copper’s Strategic Focus

Currently, the Company is amidst a strategic transformation, envisioning its evolution into a mid-tier copper group, with this transformation grounded in Castillo Copper’s core projects.

In the Mt Isa Copper-Belt District of north-west Queensland, the Company boasts a substantial presence, offering significant exploration potential.

With numerous high-grade targets and a notable untested anomaly within its boundaries, Castillo Copper is poised for promising prospects in this copper-rich region.

The Company’s expansion extends to Zambia’s Copper-Belt, the second-largest copper producer in Africa, where Castillo Copper holds four high-quality prospective assets.

Moreover, Castillo Copper’s sizeable tenure footprint near Broken Hill’s world-class deposit places it in a favourable position for potential discoveries across a spectrum of minerals, including cobalt, zinc, silver, lead, copper, gold, and platinoids.

Additionally, the Company has a valuable asset in the Cangai Copper Mine, located in northern New South Wales, renowned as one of Australia’s historically highest-grade copper mines with a 4.6Mt @ 2.45% MRE.

Looking Forward

As Castillo Copper moves forward under Mr. Jack Sedgwick’s interim leadership, the Company faces the critical task of reviewing its asset portfolio and prioritising strategic plans in response to a challenging macroeconomic environment.

The Board is optimistic about the Company’s prospects and is committed to working closely with Mr. Sedgwick to advance its strategic agenda.

Castillo Copper’s Chairman Ged Hall commented, “Dr Jensen has led the group during a difficult period, with exogenous challenges impacting the industry and core business. The Board appreciates Dr Jensen’s dedication and contribution to the business and wishes him well with the new business opportunity.”

CCZ’s Australian Stock Exchange-listed share price is currently selling at $0.007 (11:00 am UTC+ 8 hours).

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