AIC snares high profile M&A specialist as new managing director
A former merger and acquisition specialist from major gold producer Evolution Mining is joining explorer AIC as managing director.
AIC’s new boss is former geologist, mining analyst and investment banker Aaron Colleran, who was founding business development manager at Evolution from 2011 through to 2018.
He was instrumental in the multiple merger and acquisition transactions that created the $6.4 billion, 770,000 ounces a year Evolution business.
In 2015, two massive deals in the space of 30 days saw Evolution acquire La Mancha’s Australian operations for $300 million, and Barrick’s Cowal gold mine for about $700 million.
Mr Colleran, who starts immediately on a base salary of $250,000, is also a non-executive director of lithium developer Kidman Resources (ASX:KDR) and gold explorer Riversgold (ASX:RGL).
This appointment follows a failed (but friendly) off-market takeover offer by Intrepid Mines for AIC.
AIC owns the early stage Marymia project, about 1200km north-east of Perth, where recent drilling has returned high gold grades of up to 50 grams per tonne.
A gold deposit above 5 grams per tonne is usually considered high grade.
AIC chairman Josef El-Raghy will bring the energy “required to build a company from the ground up”.
“AIC is on a path of growth through exploration and acquisition and Aaron is well equipped to lead that process,” Mr El-Raghy said.