The head of Kin Mining says the clear message that came out of last week’s AGM was that shareholders have had enough of the “corporate toing and froing”.
It’s time to get back to working on delivering the Leonora gold project (LGP).
Shareholders last Thursday voted down the latest attempt to evict the current directors and appoint former director David Sproule, Christopher Johnston and Kin’s former financial advisor John Kamara as replacements.
Managing director Andrew Munckton told Stockhead there was a “strong turnout” of shareholders and proxy votes at the AGM — with about 66 per cent of the register voting.
“I think the strong sense from the vote was that all shareholders want the company to be able to get some clear air to deliver the project,” he said.
“We’ve had three [249Ds] in these last two years and I think shareholders have had enough of that.
“They’ve had enough of the corporate toing and froing and they want us to get on with the project and get on with the work associated with the project, and so all directors and requisitioning shareholders need to take that message on board.”
In April, the new board revealed it was dialling back the construction works at the LGP in Western Australia because of an expected increase in the existing preproduction capital cost estimate.
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Mr Munckton says Kin has now mapped out a new work program, which started first thing on Friday, to systematically assess the elements of the project.
“We have funding from shareholders, we have a budget and schedule and targets to meet associated with that,” he said.
“So we’re getting on with things, nobody’s resting on their laurels. It’s time for us to get back to work and start delivering this project.”
Kin expects the work program to take around six months and is aiming to reach a decision to mine in the second half of 2019.