PANAUST appointed Dr Fred Hess as managing director of the company as of 11 November 2014.

Dr Hess succeeds Gary Stafford who was the company’s managing director for over 18 years.

PanAust in a statement said Dr Hess has worked with the company for nine years holding several executive management positions, most recently the role of executive general manager of project development and operational improvement.

“The whole executive management team and all other employees should be proud at what we have developed at PanAust under Gary Stafford’s leadership,” Dr Hess said.

“We will continue to strive to achieve the high standards established under Gary through both our existing operations and future growth opportunities, in particular the Frieda River project,” he said.

The chairman, Garry Hounsell in a statement said he credits the company’s outgoing managing director, Gary Stafford for the company having such a quality internal candidate to take on the position of managing director.