Why the De Grey (ASX:DEG) share price is blasting 7% higher today

The De Grey Mining Limited (ASX: DEG) share price is performing positively on the first trading day of the new year. Here’s why.
The post Why the De Grey (ASX:DEG) share price is blasting 7% higher today appeared first on The Motley Fool Australia. –

Exploding asx mining share price represented by two bomb blasts on black background

The De Grey Mining Limited (ASX: DEG) share price has been a positive performer on the first trading day of the new year. This comes after the company announced a change in its management team. During early afternoon trade, the De Grey share price is surging 6.87% to $1.09.

In comparison, the S&P/ASX 200 Materials Index (ASX: XMJ) is up 1.21% to 15,858 points.

What’s driving the De Grey share price higher?

The De Grey share price is on the rise today after the company advised it has appointed Mr Peter Canterbury as its new chief financial officer (CFO). The change in leadership follows the company’s ambitions to become a tier 1 gold producer from its Hemi Discovery in Western Australia.

According to the company, Mr Canterbury brings a wealth of knowledge to De Grey, as an experienced mining executive and certified practicing accountant. During his career, Mr Canterbury has developed competence in financial and corporate management, accounting, project financing, feasibility studies, contract negotiation, and mining operations.

For almost 20 years, Mr Canterbury has held several key positions within the mining sector. His most notable roles have included managing director of Triton Minerals Ltd (ASX: TON), CEO and executive director of Bauxite Resources Ltd and CFO and acting CEO of recently ASX-delisted company Sundance Resources Ltd.

Outgoing CFO Mr Craig Nelmes will continue to work as company secretary within the board.

Mr Canterbury is due to commence his role as the new company CFO in February 2021.

What did the managing director say?

Mr Glenn Jardine, De Grey managing director, commented on the CFO appointment. He said:

Peter is an important addition to the De Grey management team as we continue to increase our organisational capability across the business. His experience immediately enhances our capacity to progress the Hemi Gold Discovery from the resource definition phase through feasibility studies, financing, construction and into production.

In addition, Mr Jardine, went on to thank Mr Nelmes for his efforts, saying:

Craig Nelmes has been an integral part of the Company’s success through the last 7 years and is very accepting of the ongoing organizational transition of the Company towards Tier One production. We thank Craig for the energy and leadership he brought as CFO over the past seven years and are very pleased he will continue to have an important role in De Grey’s future.

De Grey share price summary

The De Grey share price has been one of the best performers on the ASX over the last 12 months, rocketing by more than 2,000%.

This time last year, the gold company’s share price was trading at around 5 cents, and went on to reach as high as $1.55 in September 2020. While many businesses suffered during COVID-19 lockdown restrictions, De Grey was busy drilling and providing strong results within the Hemi Discovery.

Based on the current De Grey share price, the company commands a market capitalisation of around $1.3 billion.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the De Grey (ASX:DEG) share price is blasting 7% higher today appeared first on The Motley Fool Australia.

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