Perseus Mining stalwart Jeff Quartermaine resigns as chief executive after 12-year reign
Jeff Quartermaine will finish up as Perseus' boss on September 30. He originally joined the company as its chief financial officer in 2010 before taking up the reins in 2013.
'Since assuming this role, he has transformed Perseus from a struggling single-mine, single-country company to a multi-mine, multi-jurisdictional gold producer, developer and explorer that has consistently delivered on its promises,' Perseus stated on Friday.
The board of Perseus, which has a $4.4 billion market capitalisation and recently joined the ASX100, handed the CEO baton to former Newcrest chief operating officer Craig Jones.
Mr Jones will be paid a base annual salary of $1.06m but his total yearly pay could more than treble the base amount if he meets short and long-term bonus targets.
'On behalf of the board, I would like to express my most sincere gratitude to Jeff for his leadership and guidance over the years,' Perseus chairman Rick Menell said.
'Jeff has transformed Perseus and has been pivotal in turning it into one of the most profitable gold producers in the world . . . we cannot thank him enough for such a positive legacy.
'Craig brings a wealth of strategic, operational and technical expertise, a deep understanding of complex operating jurisdictions and stakeholder management and a clear commitment to sustainable practices.'
Mr Quartermaine has agreed to remain a consultant to Perseus for an unspecified amount of time and will be paid on 'market terms'.
Mr Quartermain said it was an 'honour and a privilege' to serve as Perseus' boss for 12 years.
'Along the way we have faced a myriad of challenges including events such as the global COVID pandemic, but we have emerged stronger than ever, and the company is now well positioned to continue our success,' he said.
Perseus has three operating gold mines in West Africa — one in Ghana and two in the Côte d'Ivoire.
It is building a fourth mine, Nyanzaga, in the East African country of Tanzania.
Perseus took control of Nyanzaga after winning a $270 million takeover tussle for OreCorp last year.
Construction is set to cost $820 million with first gold expected during the first quarter of 2027.
Perseus shares were trading flat at 9.10am. It has gained 86 per cent since the start of 2024.
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