Changes at Metarock set to right the ship

Mackay-based mining services contractor Metarock is on the search for a new chief executive officer to help the company trade out of a difficult period. Chief financial officer Jeff Whiteman has been appointed interim chief executive officer, replacing outgoing chief executive officer and managing director Paul Green. Mr Green replaced Tony Caruso, who left the company in October last year following the termination of the contract at Sojitz Blue’s Gregory Crinum underground coal mine. In other changes, Wayne Price has been appointed as executive general manager of Mastermyne with accountability for all coal contracting services in New South Wales and Queensland. The appointments mark the end of a period of change for the company, according to acting chair Murray Smith. “Mr Whiteman’s appointment as interim CEO reflects the strong contribution he has made to the management of the company in the last six months, as it sought to resolve its financial difficulties and completed its recent recapitalisation through the investment by M Mining Services in Metarock shares comprising a controlling stake in the company, as announced on 22 May 2023," he said. “The terms and conditions of Mr Whiteman’s appointment as interim CEO include an increase in total fixed remuneration to $580,500 for the period which he serves as interim CEO. All other conditions remain as per his existing CFO contract of employment.” “Wayne (Price) has over 30 years’ experience in underground mining and is a highly regarded operator by our clients and the Mastermyne workforce. Mr Price will bring significant contracting and operational expertise to the fore in this appointment.” Related: M Resources throws $25m lifeline to Metarock Consultant Peter Barker has been appointed as an advisor to the company. “Mr Barker has extensive experience as a CFO for large ASX listed entities including Computershare Ltd and Cardno Ltd and was instrumental in the turnaround and ultimate sale of the latter," Mr Smith said. The Gregory Crinum mine site. “Mr Barker currently serves as a non-executive director for Workpac Group and Independent Cement Group and has extensive governance, finance and risk management skills. “Mr Barker will bring considerable additional expertise to Metarock and provide valuable advice and perspective”. The Company has also announced it expected to raise around $19.7 million from the sale of idle equipment. Related: Major shake-up at Metarock Group These were assets originally intended for the Crinum underground project, the company told the ASX. “Proceeds from the sale of these assets will be applied to debt reduction and to further strengthen the company’s working capital position by approximately $8 million,” it said. These moves furthered the execution of Metarock’s turnaround strategy and a strengthening of the company’s governance and leadership arrangements, the statement said.

Changes at Metarock set to right the ship

Industry Queensland

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