Bituminous coal producer Bowie Resource Partners, LLC (BRP), which is majority-owned by the Galena Private Equity Resources Fund (Galena), has announced the appointment of James Grech as Chief Executive Officer and Marc Maglione as Chief Financial Officer, alongside the promotion of Corey Heaps to Vice President of Operations and Garrett Atwood to Vice President of Marketing, Logistics and Business Development. This coincides with new financing provided to BRP by Galena and Galena's parent company, international commodity trading firm Trafigura.
In late June 2018, Galena injected an additional US$13.4 million of equity in BRP to further improve the productivity of BRP's mines, bringing Galena's total investment in BRP since August 2013 to approximately US$193 million. In addition, BRP, with the assistance of Trafigura, is in the process of refinancing and upsizing its asset-based revolving credit facility, which will provide BRP with US$20 million of additional liquidity. The refinancing is expected to close in the first week of August 2018, with the net proceeds therefrom being used for working capital purposes.
BRP's new Chief Executive Officer Grech most recently served as President of Nexus Gas Transmission and previously held the position of Chief Commercial Officer and Executive Vice President of Consol Energy. Grech brings a strong operational, commercial and financial background in both mining and other energy business operations, and also has extensive utilities and capital markets experience.
Bowie's new Chief Financial Officer, Maglione, will join BRP in mid-September 2018 from Rio Tinto where he has most recently served as the Chief Financial Officer of Richards Bay Minerals in South Africa. Maglione brings international operating and commercial leadership experience in addition to financial discipline demonstrated across diverse mining operations and projects, including coal with Rio Tinto and smaller public companies in the US and abroad.
Heaps is appointed as BRP's Vice President of Operations, having served as General Manager of BRP's Skyline Mine since June 2015. Heaps has over 20 years of underground mining experience. Prior to joining BRP in June, 2015, Heaps served as Vice President and General Manager of Rhino Energy's Western Operations, and also held various supervisory and engineering roles in other underground coal mining operations. Heaps will continue to serve as acting General Manager of BRP's Skyline Mine until his replacement is named.
Atwood is appointed as BRP's Vice President of Marketing, Logistics and Business Development. Atwood is a third generation miner with roots in the Uinta Basin and has worked in the natural resources industry for nearly 15 years, including experience in coal, natural gas, copper, gold, silver and molybdenum operations. Prior to joining BRP in July 2014, Atwood worked for Rio Tinto in Salt Lake City and Consol Energy in Pittsburgh in maintenance planning, procurement, strategy, operations management and business development roles.
"Our priorities will be on strengthening our relationship with our customers, focused financial management and day to day operations, including continuing the company's strong safety and environmental compliance record," said Grech. "With our skilled and dedicated workforce, we're looking forward to the challenge of helping BRP live up to its potential, while continuing to serve as a pillar of the local Utah economy and creating lasting value for our customers, business partners and shareholders."
"Galena remains fully supportive of BRP for the long-term," said Jesus Fernandez, BRP Board Member and Principal for Galena. "BRP continues to be the largest Western bituminous coal producer in the US, producing high quality, clean-burning coal that is sold to our key domestic power generators in Utah, domestic industrial customers and the growing economies of the Pacific Rim."
Carlos Pons, current Co-Chief Executive Officer, will step down from his executive role and continue as a member of the Board of Directors of BRP, while Gene DiClaudio (Co-Chief Executive Officer and Chief Operating Officer), Jim Wolff (Chief Financial Officer) and Jennifer Hood (Vice President of Marketing and Logistics) will all leave the company. "We are very grateful for the hard work and dedication that Gene, Jim and Jennifer have given to BRP over the years, and we wish them well in the future endeavors," said Fernandez.
Read the article online at: https://www.globalminingreview.com/finance-business/18072018/new-senior-executives-appointed-at-brp/
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