Toubani bulks up with appointment of gold veteran Mike Nelson to its board

Toubani Resources appoints former Barrick and Gold Fields project director Mike Nelson as non-executive director
Nelson has helped develop international gold and copper projects such as Reko Diq and Quebrada Blanca Phase II
Convention agreements signed by B2Gold and Allied Gold with the government show that Mali’s mining sector is reopening for investment

Special Report: Toubani Resources has added serious gold mining muscle to its board with the appointment of former Barrick and Gold Fields project director Mike Nelson as a non-executive director.

Nelson has over 30 years’ experience in operational and project leadership roles, which include senior technical and management roles at the KCGM and Telfer gold mines in WA.

He has worked for major mining companies including Barrick Gold and Teck Resources to develop international gold and copper projects such as the Reko Diq copper-gold project in Pakistan and the Quebrada Blanca Phase II copper project in Chile.

He also held senior roles for Gold Fields overseeing their global project portfolio, including the Yanfolila gold project in Mali, amongst others.

For Toubani Resources’ (ASX:TRE), his appointment comes as the company continues to advance its Kobada gold project in southern Mali towards development with the definitive feasibility study on schedule for completion in October.

Nelson replaces Tim Kestell, who elected to step down following a 2 & ½ year tenure that included successfully listing on the ASX in November 2022 and the repositioning of the Kobada project.

“I would like to extend a warm welcome to Mike and look forward to his contribution to Toubani in the period ahead as we complete the DFS for Kobada and position the project on the development pathway,” managing director Phil Russo said.

“Mike’s extensive experience in studies and project delivery complements the company’s existing development expertise well. I would like to thank Tim for his counsel and contribution to the board over the past two years and wish him well for the future.

“We continue to move rapidly towards completion of the Kobada DFS with the study on schedule for release next month. Our vision continues to be presenting Kobada as a project of scale, leveraging the significant oxide endowment in our resource.”

Regulatory stability

More broadly, TRE noted that recent announcements on convention agreements with the Malian Government by large gold producers B2Gold and Allied Gold are clear signs the country’s mining sector is reopening for investment.

It is also engaged in discussions with the government on advancing the Kobada project as the next significant gold mine for the country.

“The recent agreements by B2 Gold and Allied Gold are welcome milestones for the Malian mining industry, further pointing to a return to regulatory stability and the precursor for an anticipated return of significant capital investment in the country,” Russo added.

Kobada currently has a resource of 2.2Moz gold, most (2Moz) of which is now contained within the higher confidence indicated category.

About 1.4Moz of the indicated resource is in the oxide zone, which contains material that is typically cheaper, easier and less energy intensive to process than fresh rock given it is free digging, near surface material.

This article was developed in collaboration with Toubani Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.