Base Metals: Tolga Kumova’s appointment to Copper Strike board hints at potential transactions
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There may be corporate activity afoot in the near future with well-known mining personality Tolga Kumova starting 2020 as one of two new directors at Copper Strike (ASX:CSE), which counts its 11 million shares in Syrah Resources (ASX:SYR) as its main asset.
That the former Syrah managing director and the company’s other new director, Tim Staermose — who has extensive equity capital markets and equity research experience, were brought on to “source, analyse and structure potential mining transactions” is certainly telling.
Kumova has 15 years’ experience in stockbroking, corporate finance and corporate restructuring, and has specialised in initial public offerings and the capital requirements of mining-focused companies.
He was a founding shareholder of Syrah in 2010 and served as its managing director from October 2014 to October 2016, leading the company from resource stage through to full funding and development.
Kumova, a believer in investing in junior resource plays with directors that have skin in the game, was an early backer of Bellevue Gold (ASX:BGL) and a substantial investor in Meteoric Resources (ASX:MEI).
He was also a non-executive director of New Century Resources (ASX:NCZ), where he was instrumental in completing successful financing of over $98m in equity and $100m in debt for the restart of operations at the Century mine before stepping down in July 2019.
African Gold (ASX:A1G) is another company that counts Kumova as a non-executive director.
Staermose has 23 years’ of equity capital markets and equity research experience and currently manages investments and advises high net worth individuals and family offices on stockmarket investing around the world.
Meanwhile, Harry Hatch has resigned as a non-executive director of the company.
Krakatoa Resources’ (ASX:KTA) review of historical shallow drilling within its Belgravia project in NSW has further supported the potential for porphyry-related mineralisation at the Copper Hill Igneous Complex and Larras Lake Igneous Complex. Field sampling of Larras Lake will begin immediately.
Myanmar Metals (ASX:MYL) has completed a study demonstrating that two further open pit cutbacks would be the ideal option to target further resources at its Bawdwin project beyond the initial resources accessed by the starter pit.