New Hope Group has appointed its new chief executive to take the reins from industry stalwart Shane Stephan. Reinhold Schmidt formerly of Yancoal Australia will commence at New Hope in September.
54 year old Schmidt commences the role with a whopping base salary of $1.5 million plus a range of options.
Schmidt brings with him more than 20 years’ experience in the mining industry and seven years at the helm of Yancoal, leading the >60% owned Chinese miner through extensive expansion within Australia
Schmidt was a former Xstrata Coal general manager of the Wandoan project in Queensland before taking the role of chief operating officer a year later. He has also been the former president of Glencore International’s Colombian coal assets.
Appointment marred in controversy
Schmidt’s appointment has been clouded by a recent report that he was disqualified from driving and fined after he blew 0.189 in a roadside breath test in Port Macquarie. Schmidt was reportedly pulled over by Police in his Porsche after he narrowly missed an elderly man on a pedestrian crossing.
It followed a night of drinking at a Port Macquarie golf resort according to Police.
New Hope chairman Robert Millner said “We look forward to (Schmidt) joining the company. He is an experienced mining executive whose strategic focus and deep understanding of the Australian coal industry will benefit benefit the company.”
“Schmidt joins a talented management team who will continue to drive performance for the company’s 80 per cent interest in and management of the Bengalla mine, while navigating through a challenging period of lower coal prices an ongoing process to obtain approvals for New Acland stage three.”
This follows New Hope’s announcement yesterday that it was making 14 per cent of its workforce redundant due to indecision surrounding state government approval for the New Acland stage three project.
Stephan has credited the company for doing a “tremendous job” retaining its workforce during the coronavirus pandemic.
Image: Courtesy of Yancoal Australia
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