Australian Pacific Coal Limited (ASX:AQC) CEO Resignation
Transition of Leadership
Australian Pacific Coal Limited (ASX: AQC) announces that Ayten Saridas will resign as Managing Director and CEO following the Annual General Meeting. Ms Saridas plans to pursue new personal opportunities after successfully de-risking the Dartbrook Coal Mine, which has recently transitioned back to production.
Achievements Under Ms Saridas
Ms Saridas joined AQC in January 2023 as Interim CEO, guiding efforts to bring the dormant Dartbrook Mine into production. Significant milestones achieved include the restructuring of the Dartbrook Joint Venture, negotiating key contracts, and de-watering the 4km Hunter Tunnel.
The mining operation secured US$60 million in restart capital expenditure funding and US$30 million in working capital to support production. The first coal production occurred in September 2024, with initial sales negotiations for December 2024 progressing well.
In her farewell statement, Ayten Saridas said, “I am proud of the hard work and dedication of the AQC team to bring Dartbrook back to life… With funding for the project now in place, it’s time for me to take a break before moving on to my next challenge.”
Board’s Acknowledgment
Chairman John Robinson expressed gratitude for Ms Saridas’s leadership, noting her efforts were pivotal in reviving Dartbrook. He remarked, “We wish her well in her new endeavours.”
The company will initiate a search for a new CEO during this transitional period.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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