Christmas Stock picks: Vp 22/12/2011
Benefits of past investment will benefit Vp, suggests Les Copeland
Changing the guard at Avocet
Jonathan Henry is resigning as chief executive of gold producer Avocet Mining after 16 years with the company ‘to pursue other interests’. Stepping up as interim chief executive officer of the AIM-quoted concern is Brett Richards, currently head of corporate affairs at Avocet, which has recently cheered the market with impressive production figures from Inata in Burkina Faso.
Henry says it is time for him to step aside and ‘allow a new leadership to build on recent successes’. For Avocet, which mines gold in Malaysia and Indonesia as well as West Africa, the latest of these successes is the acceleration of gold production at Inata, which the company expects to double to 200,000 oz a year.
Richards brings a wealth of experience to his new post. Before joining Avocet last year, he was a senior vice-president of Toronto-quoted Katanga Mining, a major African copper producer focused on the Democratic Republic of Congo, and previously held senior management positions in Toronto at Kinross Gold and Co-Steel Inc.
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