Kangaroo Resources Ltd (ASX: KRL)
ASX RELEASE 9 February 2010
KANGAROO RESOURCES ANNOUNCES NEW CHAIRMAN
FORMER SENIOR DYNO NOBEL EXECUTIVE PETER RICHARDS APPOINTED AS CHAIRMAN
International coal producer Kangaroo Resources Limited (ASX: KRL) (?KRL? or the ?Company?) is pleased to advise that it has appointed experienced mining executive, Mr Peter Richards, as the Company?s Non-Executive Chairman, with immediate effect.
Mr Richard?s role at Kangaroo Resources will be to assist the Company with its corporate development, as well as progressing the continued development of its high-quality portfolio of Indonesian coal projects as it ramps up production in 2010 and beyond.
Mr Richards is an internationally experienced business executive with a proven track record in the mining industry in a variety of management roles. These roles have included more than 30 years? experience with companies such as British Petroleum (including its mining arm Seltrust Holdings), Wesfarmers and Dyno Nobel ? all of which have provided him with a unique understanding of the global resources and mining services industries.
He has a proven track record in managing and supporting complex financial and corporate activities and this experience has afforded significant exposure to the investment, broking and analyst community.
Mr Richards? international experience has also provided him with direct exposure to diverse cultures and societies and has equipped him to start-up new businesses in a range of locations, including Indonesia, South Africa and Turkey.
He was most recently CEO of the ASX-listed Dyno Nobel Limited for 2.5 years. Prior to this he was based in Salt Lake City, USA, where he was the President of Dyno Nobel North America. Following the takeover of Dyno Nobel in 2008, Peter became a Non-Executive Director of Bradken Limited. He is also a Non-Executive Director of NSL Consolidated Limited.
Current Chairman Mark O?Keeffe will remain on the Board as the Company?s Managing Director and will continue to manage the day-to-day operations of the Company together with the existing Board and Senior Management team.
Commenting on the appointment of Mr Richards, Mr O?Keeffe said: ?We are exceptionally pleased to have attracted a Chairman with the experience and ability of Peter Richards to the Board of Kangaroo Resources.
?With the Company in a transition phase as it moves towards becoming a significant Indonesian coal producer, this requires a different set of skills within the Board to manage our development moving forward. Peter certainly has these skills and will add great value both in the short and long-term.
?As Kangaroo develops further it may require additional appointments to bring further skills to the Board and this is something the Company will continue to monitor closely,? he added.
ENDS
Further information:
Mark O?Keeffe
Managing Director
T | +61 8 6102 6990
E | info@kangarooresources.com
W| www.kangarooresources.com
ABOUT KANGAROO RESOURCES
Kangaroo Resources Limited (ASX: KRL) is an emerging international mining Company with eight advanced coal projects in the East Kalimantan region of Indonesia.
The Company?s projects host significant coking and thermal coal resources which will see KRL emerge as a significant Indonesian coal producer, with first production achieved in December 2009.
KRL is committed to building a sustainable mid-tier mining house, focusing on Indonesian coal and using the considerable experience and expertise of its exceptional in-country partners to fast track development and production.
The Company?s medium term strategy entails vending in valuable new coal projects, while at the same time continuing to work towards production in the short term from at least three existing projects. The Company is targeting up to 1-2 million tonnes production in 2010, ramping up progressively thereafter to ultimately achieve up to +10 million tonnes coal per annum from operations within three years.
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READ CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
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