Tethyan Resources | The Company
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The Company

About Us

Tethyan Resources Plc (“Tethyan Resources”) is incorporated in England & Wales (company registration number 3781581) and is a gold and copper mineral exploration company. Tethyan Resources listed on AIM (TETH.L), the Alternative Investment Market, in 2004.


Sustainability is paramount to all Tethyan’s activities. The long-term success of Tethyan Resources is connected to our ability to operate in a socially and environmentally responsible way. We are committed to proactively implement sustainable health, safety and environmental management, as well as engage with local communities and all stakeholders. Tethyan Resource’s business philosophy is to adhere to good international best practice (GIIP) and implement the highest standards of corporate governance.


Exploration is conducted in the Balkans, in particular Serbia and Bulgaria where we are acquiring a portfolio of quality precious and base metals projects. The last time an opportunity to acquire quality gold and base metal projects such as currently exists was in the ‘bear market’ of 1998 to 2002. During this period a limited number of junior explorers were highly successful in purchasing unloved projects with exploration upside which led to wealth creation for shareholders and investors as the markets corrected and investment in the sector gained momentum.

The Team


Christopher Goss

Non-Executive Chairman

Christopher is a minerals economist and in May 2010 he retired from the IFC (International Finance Corporation), the private sector arm of the World Bank Group and a leader in project finance in emerging markets. Since 2006 he worked in London leading the IFC’s business development for mining, oil and gas companies and managed the relationships with major IFC clients headquartered in London, including Rio Tinto, Anglo American and Lonmin. Prior to that he led IFC mining transactions in Africa, Russia, Central Asia and Latin America. Earlier in his career, Christopher was with the Commonwealth Secretariat, advising African governments in natural resource policy and negotiations in Ghana, Tanzania, Mozambique and Swaziland.


Gokhan Kantarcigil

Non-Executive Director

Gokhan has over 15 years’ experience in the mining and engineering industry. In 2008 he was a founder of a private Turkish mining and exploration company called VTG Holdings, which he is currently CEO. Gokhan was been involved in the discovery, construction and production of the Brummersheim coal project in South Africa which is currently producing in excess of 1 mt of export quality thermal coal per year. Gokhan then bought the Caldag Nickel project located in Western Turkey from AIM listed ENK. He has moved the project forward to a production decision and acquired all mining permits, environmental permits and social licenses needed.


John Proust

Non-Executive Director

John received the designation of Chartered Director (C.Dir.) from McMaster University, Directors College, Michael G. DeGroote School of Business. He is the founder and principal shareholder of numerous public and private companies. He has directed, managed and advised public and private companies regarding corporate strategy and structure, debt and equity financing, mergers and acquisitions, and corporate restructuring since 1986. Mr. Proust has held senior positions and served on the boards of many private and TSX-V/CSE listed companies. He is currently Chairman and CEO of Japan Gold Corp., Chairman and CEO of Southern Arc Minerals Inc., Chairman of Canada Energy Partners Inc., Interim President & CEO and a director of Outrider Energy Corp., and a director of Q Investments Ltd.


Dr Mike Andrews

Non-Executive Director

Mike is a geologist with more than 35 years of research and mining industry experience in gold, copper, coal and iron exploration. He holds an honours degree in Geology from the University of Reading, and a doctorate in exploration geochemistry from the University of Wales. Mike is currently President and Chief Operating Officer of Southern Arc Minerals, President and Chief Operating of Japan Gold, and a Director of Q Investments. He played an instrumental role in the discovery, exploration, feasibility and development of the Way Linggo Gold Mine in Indonesia. He also held the positions of executive director and chief geologist of AuIron Energy Ltd., Director of Gold Operations for Meekatharra Minerals Ltd., and managed the Teck-MM Gold Indonesian Joint Venture, an exploration portfolio of thirteen gold and copper projects in Indonesia. He also held senior exploration positions with Ashton Mining Ltd, Aurora Gold Ltd and Muswellbrook Energy and Minerals Ltd.


Peter Mullens

Executive Director, CEO

Peter has over 30 years’ of extensive mining and exploration industry experience. He has successfully developed four Canadian-listed exploration companies and is credited with the discovery drill hole of Pico Machay in Peru and the acquisition of Navidad (700Moz silver), Calcatreu in Argentina (1Moz gold-silver) and Westmoreland in Australia (50Mlb’s uranium). He has strong experience as a geologist and also in the commercial aspects of junior exploration companies including the evaluation of ore reserves, financial studies, mine plans, and the financing of junior exploration companies. He is currently the CEO of AIM listed Tethyan Resources (AIM:TETH) and also a Non-Executive Chairman of Royal Road Minerals Ltd (TSXV:RYR).


Didier Fohlen

Executive Director – Corporate, Social and Environmental Governance

Engineering Degree from the School of Geology and Mines of Nancy; 33-yrs experience in exploration, mining operations and mine closure, with a focus on investment in emerging markets, corporate social responsibility and environmental management. 15-yrs in the World Bank Group working on mining investments with major as well as junior mining companies. Experience in gold and uranium mines in Africa, Canada and Former Soviet Union.  Significant experience in Europe, Maghreb, West Africa, Southern Africa, Turkey, Russia,  Armenia, and Kazakhstan.


Fabian Baker

Chief Operating Officer

BSc Applied Geology, MSc Economic Geology (ongoing). Experience in grassroots exploration through to completion of Bankable Feasibility in frontier and developing countries. Previous roles include Chief Geologist at Lydian International’s newly discovered Amulsar gold deposit and Exploration Manager for Tigris Resources, an exploration company with a focus on an emerging gold and copper district in SE Turkey.  In his capacity as COO the management of exploration in Serbia and neighbouring countries is managed by Fabian, who was responsible for identifying the opportunities that lead to Tethyan’s entry into the region.


Tim Coughlin

Adviser – Geology

PhD (Structural Geology), MSc Exploration and Mining Geology, BSc Geology, FAusIMM, MSEG. 26 years of experience including senior positions with major mining companies. Founder of Lydian International having discovered and raised finance for the exploration and development of the +5Moz Amulsar gold deposit in Armenia, led successful discovery teams in Australia, Peru, Colombia and Eastern Europe. Specialist in frontier mineral exploration and mining investment in emerging environments such as South America, the Caucasus, the Balkans and Russia.


Martyn Keates

Chief Financial Officer

Martyn is a qualified Chartered Accountant (ICAEW) and a Member of the IoD. His career has spanned over 30 years in finance from a trainee accountant through to CFO of public companies. He has held senior finance roles in both global public companies and privately owned businesses in various sectors ranging from manufacturing to consultancy and medical devices to an online niche marketing group.

Some of the highlights of Martyn’s career have included development of staff, establishing and integrating office locations across mainland Europe and transacting M&A activities. Whilst working for pan-European companies he implemented processes which avoided $3 million in fines and penalties and also detected Corporate fraud by senior foreign based executives. He is also a valued advisor to many SME’s supporting them in restructuring, fund raising, recruitment and systems implementations.

Nikolay Photo

Nikolay Petrov

Generative Exploration Geologist

PhD Structural Geology & Tectonics, MSc Structural Geology. Nikolay has more than 15 years experience working for a variety of international exploration and mining companies with a focus on the Tethyan Belt. Nikolay began his career in the Bulgarian Geological Survey, following which he became an exploration geologist for Newmont in Turkey and Armenia and most recently worked as Generative Geologist and District Geologist – Balkans for First Quantum Minerals where Nikolay was responsible for leading the team to identifying new opportunities throughout the Tethyan Belt from Iran to Romania. Nikolay brings a wealth of experience in the Balkans to Tethyan Resources.


Nick Savic

Regional Manager

A Serbian national, Nick qualified as a geologist in the late 70’s, following which he emigrated to Western Australia where he worked for a number of major companies for 20 years. Nick was approached by Dundee Precious Metals in the early 2000’s and asked to establish Dundee Precious Metals in Bulgaria and Serbia where Nick remained as Country Manager for a number of years. More recently Nick managed the country entry for First Quantum Minerals into Serbia. Nick has unparalleled exploration and related administrative experience in the Balkans region and is assisting and advising Tethyan on all local administrative aspects in Serbia and Bulgaria.

Directors’ Responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice; UK-GAAP). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.

Audit Committee

The Audit Committee assists the board in fulfilling their oversight responsibilities in respect of the integrity of the financial statements; risk management and internal control arrangements; compliance with legal and regulatory requirements; the performance, qualifications and independence of the external auditors; and the performance of the internal audit function.

The members of the Audit Committee are Gokhan Kantarcigil (Chairman) and Christoper Goss.

Remuneration Committee

The Remuneration Committee concerns itself with:

• The remuneration and benefits of the Directors;

• The design and terms of share-based incentive plans;

• The remuneration policy for the Executive Team and Senior Corporate Officers.

The Remuneration Committee makes proposals to the Board in the above areas, including specific remuneration packages for each of the Executive Directors and Consultants as well as for the non-Executive Directors.

The members of the Remuneration Committee are Gokan Kantarcigil and Christopher Goss.

HSEC (Health, Safety, Environmental and Community) Committee

The HSEC Committee is responsible for assisting in the execution of the Company’s responsibilities in relation to safety, health, environmental and community issues. It has a key role in implementing proper procedure and process for identifying, assessing and managing the HSEC issues and risks and ensuring that these are developed, carried out and reviewed regularly. This committee will be implemented by the end of 2016.