The Board of Xanadu Mines announces the appointment of Dr Andrew Stewart as managing director and chief executive officer with executive chairman Mark Wheatley moving to the role of non-executive chairman. The changes have been implemented and are in line with the company’s long-standing and well-prepared succession plan.
Andrew Stewart has been CEO since March 18, 2015 and prior to that had been Xanadu’s chief geologist.
In a statement the company said, Andrew Stewart had already made significant contributions to Xanadu and his promotion to managing director and CEO was in recognition of his development, performance and leadership over the last 18 months. He will continue to be based in Mongolia until the end of this financial year or a date to be agreed and will then move to Sydney.
Speaking about the appointment Andrew Stewart said: “I am delighted to take up this new role with Xanadu Mines, and work with the Board to realise the full potential of our advanced copper-gold and gold projects in Mongolia’s highly prospective South Gobi region.
“Over the next few months, I will be appointing a highly experienced chief geologist to ensure a seamless transition of the succession plan. This will complete a reorganisation of our exploration team in Mongolia to ensure our focus on exploration success continues and will strengthen in-country capacity to support our well-funded ongoing exploration programs across multiple projects.
“My move to Australia will assist with promotion of the company and provide easier and more regular access to important stakeholders and capital investment markets.”
Mark Wheatley said, “This is a natural progression for Andrew who has provided excellent leadership as chief executive officer and I look forward to building on our productive working relationship. The Board of the Xanadu welcomes Dr Stewart to the role of Managing Director.”
Xanadu Mines is a copper and gold exploration company with several advanced exploration projects in Mongolia’s highly mineralised and vastly underexplored South Gobi region. Its vison is to be the most successful copper-gold explorer in Asia. Xanadu controls one of the most promising porphyry copper-gold projects in Asia with Kharmagtai and has an expanding portfolio of exploration projects.