Sydney - 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 Limited (ASX:PAK) is focused on the production, development and exploration of the metallurgical coal assets in North America. The Company's flagship Elko Coal Project contains an identified Mineral Resource of 257 million tonnes of hard coking coal. It is located in the Crowsnest Coalfield of the East Kootenay Basin in British Columbia, Canada, which hosts a number of operational coal mines. Coal from the Elko region has been tested and confirmed to contain properties sought after by South East Asian steel mills. It has established geographically proximate infrastructure and supportive local communities.
Pacific American Coal Ltd
Mark Lochtenberg Managing Director