STA flat: the mineral sands company announced they have hired a CEO to support longstanding MD Luke Graham in the operations of the business. Jozsef Patarica comes from an operations background with strong credentials in the areas Strandline has struggled with. The ramp-up of their Coburn asset in WA has seen a number of delays and has fallen well short of expectations. The main concern has been delays to the Mineral Separation Plant (MSP), part of the refining processes Strandline was aiming to have up and running by this stage, while production of the unrefined Heavy Mineral Concentrate has been slower than expected as well. Bringing in an operations specialist to the executive role makes a lot of sense, the hope being that Joszef can get Coburn back on track MD Luke can focus on expansion and growth. We are keeping an eye on progress here and the outlook for the mineral sands markets.
MM is neutral STA
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