Stirling Resources Limited (ASX:SRE) Letter To Shareholders From Chairman David Nabarro
You will have seen the announcement made by Stirling Resources Limited ("Stirling" or the "Company") to the ASX on Tuesday 29th June concerning the change of management control at the Company and the commitment by DCM DECOmetal, Stirling's majority shareholder, to provide on-going financial support to the Company.
I write to you for the first time as Chairman to provide you with an update on the steps being taken by your Board.
My own background is as a long-time corporate financier specialising in the natural resources sector. I was appointed as a non-executive director of Stirling in September last year.
Stirling is a mining investment company with strategic investments in a range of Australian natural resource projects, including copper (Redbank Copper (ASX:RCP)), gold (Swan Gold Mining (ASX:SWA)) and minerals sands (Matilda Zircon (ASX:MZI)).
Stirling continues to be backed by the DCM DECOmetal group's financial resources and strong knowledge of and commitment to the Australian natural resources sector.
DCM DECOmetal is an international commodity trader based in Austria with multiple investments in the mining and metallurgy sector in Australia, South Africa and Eastern Europe. DCM has an extensive client base in Western Europe, North America, the Middle East and Asia.
Stirling benefits from its talented and experienced technical team who will be key in the on-going development of your Company's assets.
Marty Adams has been appointed as your Company's acting CEO and, strongly supported by your Board, is undertaking an immediate strategic review of your Company's assets, investment objectives and on-going funding requirements.
As advised to the ASX, Mr. Adams has thirty years' experience in the mining industry, including extensive experience in gold, copper, mineral sands, iron ore and lead/zinc. The relevance of his experience will, I believe, be clear to you and reassure your confidence in the Company.
It is your Board's firm intention to engage with all shareholders in an open and timely manner and to follow best practice in terms of your Company's commitment to safety, environmental best practice and good corporate governance.
At this point I will not pre-judge the outcomes of our strategic review but do assure you that your Board is determined to manage your Company in a prudent and professional manner and seek to deliver long-term shareholder value.
I look forward to engaging with you on a regular basis in the coming months through updates on the ASX and on the Company's website and look forward to your ongoing feedback.
Stirling Resources Limited
Redbank Copper Limited
MZI Resources Ltd
Eastern Goldfields Ltd