‘Mutually agreed termination’: quick exit for two MetalsTech execs
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Two senior MetalsTech managers have exited just months after joining the junior battery metals explorer.
MetalsTech (ASX:MTC) announced this morning a “mutually agreed termination” of the employment contracts for managing director David Riekie and vice president of exploration Cherie Leeden.
Mr Riekie, who is also a director of Paladin Energy (ASX:PDN), only joined the company in April. He was brought in to help MetalsTech with its strategy of returning to a single commodity company.
Ms Leeden joined MetalsTech in February.
MetalsTech originally listed on the ASX as a lithium play in February 2017 and was planning to spin out its cobalt assets into a new company so it could return to its original sole focus of lithium.
The company didn’t believe it was achieving the best market recognition with two battery metals commodities in its portfolio.
Mr Riekie was to head up a spin-off business called “iCobalt” and Ms Leeden would be the vice president of exploration.
However, the company then decided to ditch its proposed demerger because it had “recognised the strategic value” of keeping its cobalt assets in Ontario.
MetalsTech said at the time that it received significant interest for a “project-level” sell down of its lithium assets.
In July the company revealed it had picked up another cobalt project in Canada called “Bay Lake North”.
The 10,600-hectare Bay Lake North project is located about 15km west of the town of Cobalt, Ontario and adjoins MetalsTech’s existing Bay Lake project.
MetalsTech has just completed a 1200m, eight-hole drilling program at the new project and said exploration would not be affected by the departure of Mr Riekie and Ms Leeden.
The company is now in a trading halt until Thursday while it prepares to release another announcement regarding the change in board and management and the appointment of a technical director.
MetalsTech has been contacted for comment.