New boss will lead goldmine

Jul 9 2008 by Iain Laing, The Journal

CHINA Goldmines, which was launched by North East entrepreneur Karl Watkin in 2005, has appointed a new chairman.

Clive Donner, who has served in the role since the business was admitted to the Alternative Investment Market in 2006, has retired as chairman but will remain with the company as a non-executive director. He has been succeeded as chairman by Lance Browne, who was already a non-executive director of the business. Based in Shanghai, he has lived in China since 1979, working in engineering and finance.

China Goldmines, which recently moved from being an explorer to a gold producer, said his appointment will strengthen the business’ position as it moves to scale up its production.

Mr Donner, who was instrumental in listing the company, decided to step down because of time constraints.

The business, which paid £12m for eight mines in the Guanzhuang area of China last year, made a loss of £2.7m in the six months to the end of last year, compared to a loss of £391,000 during the same period in 2006.

But Mr Watkin, who is now a non-executive director of the company, has said he is confident the increasing price of gold will help it recoup its losses.