Firefinch share price remains on ice following key ex-BHP hire

The Firefinch Ltd (ASX: FFX) share price is still frozen, although today the company released some news.

The Firefinch share price last traded at 20 cents before being placed on ice in late June.

Let’s take a look at what the gold miner announced to the market today.

New managing director

Firefinch has appointed Scott Lowe as managing director. He will take up the role on 17 October. Lowe worked at BHP Group Ltd (ASX: BHP) for more than 20 years, including serving on the company’s executive.

Recently, he has worked as the chief executive officer at ArcelorMittal’s West African mining business in Liberia.

Firefinch has an 80% interest in the Morila gold mine, located in Mali, West Africa. Firefinch said Lowe has worked in a number of African jurisdictions during his career, delivering “outstanding results in challenging environments”.

Commenting on Lowe’s appointment, Firefinch chairman Brett Fraser said:

Scott’s strong operational capability coupled with African experience places Morila and Firefinch into safe, sensible hands to guide the growth and stability at the Project and for Firefinch.

I am truly looking forward to Scott taking the helm at Firefinch as the Company continues its ramp-up at Morila to become an ASX listed Gold producer.

Firefinch remains in a trading halt while it finalises a funding proposal. This is expected to be completed by the end of October.

Share price snapshot

The Firefinch share price has lost 69% in the past year. In the year to date, Firefinch shares have fallen nearly 77%.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has shed 7% year to date.

Firefinch has a market capitalisation of about $236 million based on the current share price.

The post Firefinch share price remains on ice following key ex-BHP hire appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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