new boss, finance chief and perth digs for qmc

New boss, finance chief and Perth digs for QMC
PUBLISHED: 20 FEB 2013 15:58:10

Gold, copper and cobalt explorer Queensland Mining Corporation has installed a new chief executive and chief financial officer.

Tony Martin has been confirmed as the new CEO and Perth-based Riccardo (Ric) Vittino has been appointed CFO on a part-time (50 per cent) basis.

Vittino said the part-time nature of the role suits him perfectly as it allows enough time in the week to meet his other personal and business commitments. “Given the stage the company is at, it’s a good match; as the White Range and other projects develop we will look at what is required of various roles.”

In March, the company will relocate its head office from Sydney to Perth. This will reduce costs and position the management closer to other businesses in the mining services and support industries.

Till now, the explorer’s financial operations have been outsourced to DFK Richard Hill, an accountancy firm based in Sydney’s Martin Place.

Vittino has more than 25 years’ experience in managing the financial operations of junior mining companies and is currently a non-executive director of Fitzroy Resources and the non-executive chairman of Credo Resources.

He left his last full-time CFO role at Central Rand Gold, a London-listed company with operations in South Africa, in 2008.

Prior to that he worked for ASX-listed Helix Resources, starting out as company secretary before being promoted to chief financial officer and later chief operating officer.

During his time at Helix, Vittino worked with his new CEO Tony Martin, a geologist who was the company’s technical director at the time.

In their new executive partnership the two have a remit to steer the company though the next stages of development of its White Range project, a group of four copper projects near Mount Isa in Queensland, and reduce overheads.

QMC acquired White Range in June 2010 during the liquidation of Matrix Metals.

The company had previously indicated it hoped to start production in 2013 or even earlier.

“That is not going to happen,” said Vittino. “A full feasibility study is still being completed and is not expected to be completed before the end of the year.”

Martin has been acting in an interim capacity since November. His predecessor, managing director Howard Renshaw, stood down in October. At the time the company said this was to allow people with different skill sets to manage the development of White Range.

The Australian Financial Review