Financial Wire

Canyon Resources CEO Resigns for Personal Reasons

-- Canyon Resources (ASX:CAY) CEO Peter Secker has resigned due to personal reasons but will remain in the role over the coming months to help the company navigate a transition to production at its Minim Martap bauxite project in Cameroon, according to a Monday filing with the Australian bourse.

Secker has also agreed to be available for longer, if needed, to support the executive recruitment process and ensure operational continuity, per the filing.

Meanwhile, Mark Hohnen has transitioned into the non-executive chairman role.

The company said it has mobilized a surface miner to the Daniel Plateau deposit at Minim Martap, with trial mining operations due to start in April. Canyon Resources is targeting first production in the second quarter and the first ore shipment in the third quarter.

The company further said its current cash position, alongside an existing debt financing facility, is sufficient to fully support the capital expenditure needs for the first ore shipment.

Shares of Canyon Resources were down 9% on market close.

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