Horizonte Minerals announced multiple changes to its board and senior leadership on Monday as it worked to finance the construction of its Araguaia nickel project.
CEO Jeremy Martin, CFO Simon Retter, Non-Executive Interim Chair William Fisher, and Non-Executive Director Owen Bavinton will step down from their roles and the board.
The departures come as the company scrambles to secure financing to complete the flagship nickel project after announcing a material shortfall in the initial estimates of how much it will cost to get the project to production.
Founding CEO Jeremy Martin led Horizonte’s acquisition of two Brazilian nickel assets and oversaw feasibility studies and initial project construction. Martin was instrumental in progressing the asset to construction during his 12-year tenure as CEO.
CFO Simon Retter is also leaving the board after serving alongside directors Fisher and Bavinton since 2011. Horizonte said all departing board members and officers will aid leadership transitions.
The company said the changes are intended to support ongoing financing discussions to finish constructing Araguaia. The departures are likely the result of external pressures on the company from those considering financing options. Indeed, the Managing Partner and Co-Chief Investment Officer of one of Horizonte’s major shareholders has stepped in as interim CEO to find replacements.
The term ‘rats fleeing a sinking ship’ also comes to mind, but it seems cruel given the excellent work the team did in getting the project to the stage they did before the recent financing woes came to light.