LUCAPA Diamond Company said it had appointed head of operations Alex Kidman as CEO and MD after Nick Selby announced his intention to step down.
“It is with a deep regret that I find myself having to step back from the role of CEO of this great company due to health reasons just as the company is poised to deliver on the long-
awaited Kimberlite Majority Share and Merlin workstreams,” said Selby in a statement.
Kidman’s appointment is effective November 21.
Selby, who replaced former CEO Stephen Wetherall in July 2023, led Lucapa on a streamlining strategy amid poor market prices for diamonds.
In November, the company shelved a feasibility study of its Merlin prospect in Australia owing to a decline in diamond prices.
The company then opened Angolan authorities to increase its stake in the Lulo Kimberlite Exploration Joint Venture to a 51% majority share from its current 39% holding.
In June this year, the company announced the sale of its 70% stake in Mothae mine to Lephema Executive Transport, a local company that supplies services to the Lesotho operation.
Selby also set about refreshing Lucapa’s board. In April, the company announced it had appointed ex-De Beers head Stuart Brown as its non-executive chairman, replacing Miles Kennedy in the role.
Lucapa also said it had appointed Ronnie Beevor to the board as a non-executive director. Beevor was previously head of investment banking of Rothschild Australia and has served on the boards of mining companies in Australia and internationally.
Shares in the company gained 5% on Friday but the share has been under major pressure for most of this year, registering a 77% decline in value.
