Quantum-backed Intrepid Mines loses CEO

Gordon is said to have been headhunted by an unnamed Australian-listed resources company.

Intrepid has been embroiled in bitter battle over its 80% stake in the Tujuh Bukit copper-gold mine in East Java, Indonesia, ever since it was kicked off the site earlier this year. Problems started when its Indonesian partner, Indo Multi Niaga, transferred ownership to a new vehicle.

The ownership row had led Quantum Pacific, which owns 5.4% of Intrepid, to push for the removal of five of Intrepid's seven board members - including Gordon and chairman Ian McMaster - and the appointment of four new directors. However, following a vote, the majority of Intrepid's shareholder came out in support of the board.

According to The Australian, McMaster claims attempts made by Intrepid to have constructive discussions have since been rebuffed by its opponents which include Indonesian billionaire Edwin Soeryadjaya.

Intrepid's value has fallen by 90% and more than $1 billion has been wiped from its market capitalisation since the debacle began. The company has now engaged Macquarie Capital to advise on new opportunities it can pursue with its $100 million cash balance. Intrepid will reserve $5 million to $10 million of its cash to pursue legal cases concerning its Indonesian project.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Australasia
• Commodities
• Indonesia
• Australia
• Quantum Pacific