Atlas Iron announced that David Flanagan has resigned from his post as Managing Director, but will continue in the role until a replacement is appointed or until his six-month notice period ends, whichever comes first.
Mr Flanagan is a geologist with more than 25 years’ experience in the multi commodity mining and mineral exploration in Australia, Indonesia and West Africa.
He was the founding Managing Director of Atlas Iron Limited in 2004, growing the company from a $9 million exploration business with one employee to a top 200 ASX listed mining company.
In addition, Mr Flanagan was Atlas’ Non-Executive Chairman from February 2012 to June 2015, and assumed the role of Managing Director on 11 June 2015.
Commenting on his resignation, Mr Flanagan said that with Atlas’ restructuring deal now completed, costs cut significantly and production running at record levels, it was now “a logical time” for him to take a “much needed break”.
“As a result of the strategies we have devised, the support shown by lenders and contractors and the sheer hard work of our team, Atlas has a solid foundation on which to build a strong future,” he said.
“I have no doubt that the Company is now ideally positioned to take full advantage of the opportunities which will stem from having a markedly lower cost base and a more robust balance sheet. I wish the Atlas Board, stuff, contractor and shareholders all the very best for the future.”
Atlas Chairman Eugene I. David thanked Mr Flanagan for his years of service with the company, especially during the recent restructuring.
“David has worked tirelessly to ensure that Atlas has a strong future. As part of this, he has assembled an outstanding team of staff and contractors,” Mr David said.
“I have no doubt that this team will continue to successfully implement the strategies they have devised to strengthen and grow Atlas. On behalf of the Atlas Board, I wish David all the best with his future endeavours and week look forward to continuing to work with the Atlas team to create value for all shareholders.”
He said the company has already begun the search for a new Managing Director to ensure a smooth transition.
“In the meantime, Mr Flanagan will continue in the role as per the notice period in his contract,” Mr David concluded.