New Moly appoints new chairman
DENVER, June 16, 2022 /PRNewswire/ – New Moly LLC (“New Moly” or the “Company”), Resource Capital Fund IV LP (“RCF IV”) and Resource Capital Fund VI LP (“RCF VI”), funds managed by RCF Management LLC (“RCFM” and together with RCF IV and RCF VI, “RCF”) today announced the recent appointment of a new Chairman/Chief Executive Officer to lead the development of its portfolio of molybdenum assets in North America.
Andrew (“Andy”) Caruso was appointed to New Moly’s Board of Directors and will lead a management team focused on financing, developing and operating a portfolio of molybdenum assets to drive shareholder value.
Mr. Caruso is a mining executive with 30 years of global experience, including management and senior leadership roles at large, established resource companies (BHP, Rio Tinto, Alcoa), and serving as CEO of smaller mining development companies (Australasian Resources Ltd, Crosslands Resources Ltd, Ascot Resources Ltd, Atrum Resources Ltd). His previous roles have involved executive leadership to drive growth, including developing new business opportunities and overseeing the development of several multi-billion dollar mining development joint ventures with Chinese, Japanese and international entities.
Mr. Caruso holds a Bachelor of Engineering (Mining) from Curtin University (WA School of Mines) at Australia and has a postgraduate degree in applied finance and investment. Mr. Caruso is also a director of Great Southern Mining Ltd (ASX: GSN), an Australian listed gold exploration company.
Mr. Caruso is currently based in the west Canada.
About New Moly
New Moly LLC is a private company that owns the Kitsault (Mo-Ag) project in British Columbia, Canada and 80% of the Mt. Hope project in Nevada, United States. (POSCO, a major Korean steelmaker, owns 20% of Mount Hope). These are two of the largest, most advanced and most licensed molybdenum projects outside of China.
New Moly was created through a business combination between Avanti Kitsault Mines Ltd and General Moly Inc. which owned the Kitsault and Mount Hope assets.
New Moly intends to become a leading North American molybdenum company focused on developing near-term mining production assets with the potential for vertical integration with downstream assets.
Further information is available at www.newmoly.com
About Resource Capital Funds
Resource Capital Funds (“RCF”) is a group of pooled managed private equity funds, established in 1998 with a mining-specific investment mandate covering all hard mineral commodities and geographic regions. Since its creation, RCF has supported more than 200 mining companies, with projects located in more than 50 countries and covering 32 commodities. Further information on RCF is available on its website (www.resourcecapitalfunds.com).
RCF has a team of investment professionals, with extensive industry and technical expertise and a proven track record of investing in the mining sector globally. RCF’s track record is built on its ability to select technically and commercially compelling assets and support management to achieve desired results while remaining a source of patient capital. RCF aims to partner with companies to build strong, successful and sustainable businesses and, in doing so, strives to achieve superior returns for all shareholders.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements.
Forward-looking statements are generally identifiable by, but not limited to, the use of the words “may”, “will”, “believe”, “would”, “continue”, “expect”, “anticipate”. , “intends”, “potential” or “plan”, or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, which may cause actual events to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the Company’s ability to identify and appoint suitable candidates to serve as directors and management, the Company’s ability to achieve its strategic objectives and business plans and the risks associated with the mining industry in general.
Any forward-looking statement speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
View original content: https://www.prnewswire.com/news-releases/new-moly-appoint-new-presidentceo-to-lead-the-development-of-its-molybdenum-asset-portfolio-in-north -america-301569028.html
SOURCENew Moly LLC