Robert Mackay will remain as a director, but be stepping down as President and CEO of Kyrgyz energy player, Stans Energy (
TSX:V.HRE,
Stock Forum) after two health episodes, one while traveling on company business, that recently proved near fatal, according to a
press release.
Mackay, a co-founder of the company when it formed in 2005, will be retiring from active management of the company.
Chairman of the Board Rodney Irwin said, in a press release, the CEO will be sorely missed, and he will be stepping in as interim CEO while a search is engaged to find a replacement.
In a statement, Mackay wished all the best for the shareholders and staff.
“Stans purchased Kutessay II in December 2009, and since that date, my goal as President of this company was always to make Stans Energy Corp. the first heavy rare earth miner and producer outside of China. I trust that Stans will be able to find a suitable replacement, who shares the same vision. I wish the employees and all of the company’s stake holders success in the future.”
Kutessay II had produced 80% of the former Soviet Union’s rare earth metals for several decades before Stans took it over, and the company took over the Kashka Rare Earth Processing Plant in 2011. The firm is
continuing feasibility studies with a view to resuming production.