If you step back and consider the situation, this is a...

If you step back and consider the situation, this is a relatively small and straightforward operation: one open-cut mine and one wash plant. The primary task of operating the mine is outsourced to BUMA, while marketing is managed by M Resources. Given the simplicity of the operation, maintaining both a board and an executive management team seems unnecessary. Elevating the CEO to a board position could help reduce internal politics, as he would have a direct seat at the decision-making table rather than being merely an employee. This change would also streamline internal communication.

iolite is proposing that key shareholders nominate "capable and aligned mining executives who can provide hands-on support," noting that "qualified candidates are readily available." It's important to remember that the register has been strong and supportive (at least thus far), with highly experienced coal professionals having poured significant money into this company. It would be great to see a couple of qualified candidates from them. What we don't need is more of the same - expensive but ineffective overhead.

The choice of Daryl seems driven by his successful track record since taking over the mining operations and the widespread perception that he is a genuinely good leader. For the first time, the company is delivering on its mining targets. Who wouldn't agree that he is a dramatic improvement over Gerhard and Rusty? iolite seems confident that, with the right board members, Daryl can continue to turn this ship around.