The West Australian | Matt Birney | Tuesday, 1st March 2022
Australian and Canadian listed company Hot Chili has appointed Dr Nicole Adshead-Bell as the company’s independent, non-executive chairman, following her earlier election to the Board in January. Dr Adshead-Bell brings to the table 25 years of technical and investment banking experience across the capital markets and resource sectors.
Currently residing in Canada and a non-executive director of Toronto-listed Altius Minerals and ASX-listed Matador Mining Dr Adshead-Bell’s career includes roles as Managing Director and CEO of ASX-listed Brazilian gold producer Beadell Resources and Director of Mining Research at Sun Valley Gold, a registered precious metals focused fund.
Hot Chili says it regards her strong experience working within an ESG framework as an important element in assisting the company in its plans to bring forward copper and gold production at their Costa Fuego project in Chile within the next five years.
Dr Adshead-Bell has been involved in numerous public transactions including mergers, acquisitions and divestments and raising approximately C$1.8 billion in equity/convertible debenture finance. More recently she established Cupel Advisory to focus on investments and advisory services in the mining sector.
Previous directorships held by Dr Adshead-Bell include Toronto and New York-listed companies First Majestic Silver and Pretium Resources and Toronto-listed Dalradian Resources.
Hot Chili praised retiring Chairman Murray Black’s contributions during his time at the company since founding Hot Chili in 2008 and leading the company’s transformation from explorer to a significant global copper developer. The company said his financial and drilling services support had been a major contributing factor in rapidly advancing its South American copper project.
I am excited to have been appointed Chairman at a pivotal point in the evolution of Hot Chili. The Company is well positioned to contribute to the de-carbonisation super cycle given the paucity of new copper discoveries combined with a lack of near-term material copper development projects.Hot Chili’s new Chairman, Dr Nicole Adshead-Bell
Hot Chili’s Costa Fuego copper-gold project in coastal Chile is projected by the company to be in production within five years. The previously published preliminary feasibility study outlines annual production of 100,000 tonnes of copper and 70-80,000 ounces of gold. The company boasts resources of approximately 3 million tonnes of copper and 2.7 million ounces of gold at grades between 0.44 and 0.54 per cent copper equivalent. The Cortadera deposit, one of four, includes a high-grade core of 104 million tonnes grading 0.74 per cent copper equivalent.
Hot Chili says the Costa Fuego project is the world’s largest undeveloped copper resource not controlled by a major mining company.
Dr Adshead-Bell begins as Chairman at an intriguing time for Hot Chili as it pushes towards production. With global mining heavyweight Glencore having recently taken a 10 per cent stake in the company, the new Chairman’s wealth of experience in capital markets and significant transactions could well come in handy.