The Board of Firestone Energy Limited (ASX/JSE: FSE) (the “Company”, “FSE” or “Firestone”) wishes to advise of the retirement of Mr David Knox from the position of CEO of the Company, effective immediately.
Mr Knox has been CEO of the Company since September 2011 and has overseen the recent reorganisation of the Company and the Definitive Feasibility Study (“DFS”) on the Company’s main undertaking, its Joint Venture “interest” in The Waterberg Coal Project in the Limpopo Province of South Africa.
The DFS for the project is expected for completion at the end of July 2013. It is anticipated that the DFS will confirm the economic viability for developing the significant Waterberg Coal Project. The Waterberg Coal Project Joint Venture has a Memorandum of Understanding with Eskom Holdings Limited (“Eskom”), the South African electricity generation and supply company to provide 10 mtpa of coal from the project. It is expected that the project will commence delivery of coal to Eskom in Q1, 2015.
The Board wishes to thank Mr Knox for his contributions over the period. During his tenure as CEO, the Company has made significant progress towards its objective of becoming a significant coal producer in The Waterberg coal district of South Africa. Mr Knox will continue in his capacity as a non-executive director of the Company.
The Board of FSE is also pleased to advise that Mr Stephen Miller has been appointed to the position of CEO.
Mr Miller has significant experience in the financing and development of large scale project developments of this nature; which experience will be drawn upon as the Waterberg Coal Project Joint Venture progresses towards the completion of the DFS, the project financing and expected project start up in Q4, 2013.