Horizonte co-founder and CEO Jeremy Martin leaves

Horizonte Minerals plc co-founder and chief executive officer Jeremy Martin will leave after 13 years with the company.

His departure, which follows a funding shortfall for the Araguaia nickel project in Brazil, also sees chief financial officer Simon Retter resign.

Non-executive interim chairman William Fisher and non-executive director Owen Bavinton also leave having served since 2011 and 2012 respectively.

During Mr Martin’s term as CEO, Horizonte has discovered, acquired and consolidated its interests in Araguaia and the second tier-one project of Vermelho.

He oversaw the development of the assets and took Araguaia from a greenfield project to feasibility and then construction stage.

“We would like to thank Jeremy for his leadership and contributions to the company,” said non-executive director John MacKenzie.

“Jeremy was a founding director of Horizonte and has led the company since 2010.

“We are grateful for his dedication to the business and wish him well for the future.

“I would also like to thank Simon Retter, William Fisher and Owen Bavinton, who are also stepping down today as part of a restructuring of the senior leadership team, for their contribution to the evolution and growth of the business.”

NEW BOARD

The proposed new board includes interim chief executive officer, with immediate effect and in a non-board capacity, and proposed board director Karim Nasr.

He will lead the financing and restructuring process and will work with the board to appoint a new senior leadership team.

Mr Nasr is managing partner and co-chief investment officer of La Mancha Resource Capital LLP, which advises La Mancha Resource Fund SCSp, one of Horizonte’s major shareholders.

He has more than 25 years’ experience in corporate finance and investments, including experience of restructurings in Brazil. 

Mr Nasr will leave his day-to-day executive role at La Mancha to work at Horizonte and establish a financing plan to restart construction.

Paul Smith is proposed as non-executive director and chair.

Mr Smith is a corporate finance professional and senior board member with extensive experience in driving performance in natural resource focused companies.  

Pending his appointment as chair, NED Vincent Benoit will fill the post on an interim basis.

Maryse Bélanger is appointed interim chief operating officer in a non-board role.

Ms Bélanger, who was chair of IAMGOLD Corporation, has in recent months been a consultant to the Horizonte.

She has more than 30 years’ experience in the global mining sector with strengths in operational excellence and turnaround, technical services and organisational efficiency, including in Brazil.

The proposed appointments of Mr Nasr and Mr Smith are subject to due diligence.

Horizonte expects to announce further proposed board directors in the coming weeks.