PLATINUM Group Metals announced today that Frank Hallam would be the firm’s permanent CEO filling the vacancy left by the surprise resignation of Mike Jones in July.
Hallam, who had been interim CEO, will take the reins of PTM immediately following unanimous approval of the board. Hallam was previously CFO of PTM and has been with the firm since its inception in 2002.
PTM owns 50.1% of the Waterberg Project, a large palladium-rich prospect in South Africa’s Limpopo province. The project also has Impala Platinum as a minority investor. Prior to his departure, Jones said the company was working on debt financing the $600m Waterberg Project which now involves the possible phasing of its original scope.
A definitive feasibility study stated that the Waterberg Project would have annual production of some 420,000 ounces of PGMs. First production would be three years after construction with full production reached after five years.
“Frank has led the company well over a four-month transitionary period and the board is confident that he will continue to provide the leadership and expertise required to guide the company through the challenges and opportunities ahead as we advance development of the Company’s world class Waterberg Project,” said PTM chairwoman, Diana Walters.
Hallam was also a co-founder of MAG Silver Corp. and West Timmins Mining Inc. Mr. Hallam previously served as an auditor in the mining practice of Coopers and Lybrand (now PricewaterhouseCoopers) and is a qualified CPA, CA, and holds a degree in Business Administration.