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OceanaGold names Nyrstar's Bibby as CEO, Engelbrecht reverts to CFO

Thursday 5th November 2009

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OceanaGold Corp., which operates goldmines at Macraes and Reefton, named Nyrstar’s Paul Bibby as chief executive, gaining a metallurgist whose experience includes 23 years at Rio Tinto.

Bibby was London-based chief development officer at Nyrstar NV, the world’s largest zinc smelter, which was formed through the 2007 merger of smelting assets owns by Zinifex and metals recycler Umicore. His was previously at Zinifex.

He replaces Steve Orr, who departed in June with no explanation from the company.

The immediate appointment means that Marcus Engelbrecht will revert to his role as chief financial officer and Jim Askew will change to non-executive chairman, from executive chairman.

Askew said OceanaGold’s immediate objective is “substantially increasing mine reserves to underpin the long term future of the business.”

Shares of OceanaGold rose 1.9% to $1.63 and have soared more than 300% in the past year. The shares trade on the NZX, Toronto and Australian stocks exchanges.

The company expects to produce about 300,000 ounces of gold this year. It also owns the Didipio Gold-Copper Project in northern Luzon, Philippines.

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