Canada-listed CanAm Coal (TSX VENTURE:COE), which has coal mining operations in Alabama, announced March 5 the appointment of Scott Bolton as its new CFO, with current CFO Jos De Smedt moving up to company President and COO.
Tim Bergen will continue in his role as CanAm’s CEO. Bolton is a senior partner with PricewaterhouseCoopers (PwC), based in Calgary. He leads PwC’s Canadian energy practice, is thepPartner responsible for the Calgary Consulting and Deals practice and is CFO of the overall Consulting and Deals practice for Canada. Bolton is also a senior member of the PwC’s global Energy, Utilities & Mining leadership team.
“Since late 2009, CanAm has repositioned itself as a coal producer and the Company has embarked on an aggressive growth strategy,” said Jonathan Legg, CanAm Chairman of the Board. “With an estimated production target of 500,000 tons in 2012, the company’s ultimate goal is to become a 3 million ton per year producer through both organic growth and accretive acquisitions. In order to achieve this goal, we had to expand our management and executive capabilities with another senior and experienced individual who can add significant value and bring additional credibility to CanAm’s impressive growth story.”
With over 25 years of experience at PwC, there is no doubt that Bolton will bring tremendous value CanAm, Legg added. Over the last couple of years, De Smedt has assumed a broader leadership role in the company and was instrumental in the tactical execution of its strategy, Legg said. Bolton will join CanAm in the next couple of months as he transitions his current responsibilities at PwC.
CanAm’s main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant lignite coal resources -188 million indicated and 103 million inferred resources – in Colorado. CanAm has been trying in recent years to build a minemouth power and/or gasification plant at the Buick site.