Founder backs Rex despite resignation

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Decision “extraordinary”

YORKE Peninsula Land Owners Group has described Rex Minerals’ decision to dissolve its advisory board and accept the resignation of founding director Steve Olsen as extraordinary.

The group remains strongly opposed to Rex’s Hillside project.

“The decision to dissolve the board seems premature given no details of the mine plan for the new start-up have been released and the government has yet to assess or approve these new plans,” spokesperson Joy Wundersitz said.

“The announcement caps off a difficult period for Rex, starting with the resignation of then-managing director Mark Parry in August 2014, and the company’s admission it had been unable to obtain financing.

“Rex has had eight years to get its act together.

“Meanwhile, nearby farmers and community residents continue to experience stress and anxiety, not knowing what the future holds for them or their properties.”

Founder backs Rex despite resignation

REX Minerals founder Steve Olsen has said he remains committed to developing the Hillside mine, near Pine Point, despite resigning from the company’s board of directors. Locals opposed to Hillside have claimed Mr Olsen’s resignation signals a lack of confidence in the project.
Mr Olsen said stepping down will enable him to spend more time pursuing his main vocation as an exploration geologist whilst still working, as a consultant, to deliver Hillside.

“The changes in my circumstances with Rex should be read as a vote of confidence in our commitment to get the practical implementation of our development plans right from the perspective of all interested parties,” Mr Olsen said.

“There can and should not be any doubt about my personal and professional commitment to this project, nor our preparedness to work closely with regulators, the local community and our shareholders.

“ The EFS has clearly established, even in such difficult economic times for the minerals industry, the phased approach to the development makes it a very attractive copper-gold project for investors.

“It will also be a source of revenue for governments and, significantly, a windfall for social-economic development for the Yorke Peninsula.” Pine Point farmer Brenton Davey said he has been in the fight of his life since Rex started drilling near his property in 2007, and Mr Olsen’s resignation raised more questions about Hillside’s viability.

“Having been in the box seat from the get go as founding director of Rex, eight years later he’s seemingly walked away from the company he set up and only acting as a consultant,” Mr Davey said.

“To me it shows very little confidence in the company going forward.” Mr Davey said the Hillside project had at times taken away the focus from his farming enterprise, impacted on family life and his ability to plan for the future.

“When this all started we were in drought and mining was booming, and that’s why some farmers sold out,” he said.

“The tide has turned, now mining companies are in their drought, and it’s our time.

“That’s why I’m going to continue to fight for my right, and the right of others, to farm as we have done for generations.”

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