Coal Industry Expert to Lead Development of Flagship Elko Project
Sydney, Jan 23, 2017 AEST (ABN Newswire) - Pacific American Coal (ASX:PAK) (the Company) announced today the appointment of Mr Mark Lochtenberg as Managing Director to push forward development of the Company's flagship hard coking coal project, Elko, in British Columbia, Canada. He will commence on February 1, 2017.
Mr Lochtenberg has substantial global and Australian coal industry experience, including as former co-head of Glencore International AG's worldwide coal division overseeing its trading division and identifying and negotiating the acquisition and aggregation of a project portfolio that became Xstrata Coal. He was also Executive Chairman and founding Managing Director of ASX listed Cockatoo Coal Limited, taking that company from grass roots explorer to mainstream metallurgical coal producer.
He is the Chairman of ASX-listed Equus Limited (ASX:EQE) and a Director of rail infrastructure group Australian Transport and Energy Corridor Pty Limited. Mr Lochtenberg has previously been a Director of ASX- listed Cumnock Coal Limited and privately held United Collieries Pty Limited.
PAK's Chairman Geoff Hill said: "Mark's experience in the coal industry and corporate arenas will be invaluable as the Company moves quickly to advance the Elko project. We have recently raised $2.3 million to fund a mid-year drilling program and a scoping study on the development, which will provide us with initial mine concept design and provisional capital cost estimates."
Mr Mark Sykes, our Chief Executive Officer, will continue to make a significant contribution to PAK focusing on the Elko Project.
Material Terms of Mr Lochtenberg's Executive Service Agreement
Total Fixed Remuneration: $ 180,000 per annum plus statutory superannuation, reviewed each year on the 31st December.
Short and Long term Incentive plan: Subject to applicable rules and the discretion of the Board.
Term and Notice Period: After 12 months, the appointment is ongoing with three month termination notice.
Termination benefit: Greater of three months or one month for each year of service of annual remuneration package applicable at termination.
About Pacific American Coal Ltd
Pacific American Coal Ltd (ASX:PAK) is focused on the production, development and exploration of metallurgical coal assets in North America. The Company's strategic focus is on the 100% owned Elko hard coking coal project in British Columbia and its investments in technological advanced opportunities. PAK has 100% ownership in a total of 6 Coal Leases in the East Kootenay Coal Field in British Columbia - Canada and tenements in application in low volatile bituminous region of the Arkoma coal basin in Oklahoma.
Pacific American Coal Ltd
Equus Mining Limited
Cumnock Coal Limited
Cockatoo Coal Limited