Quebec-based fertilizer junior Arianne Phosphate (DAN-V) made a couple notable hires today.
It hired Jean Lamarre as Chairman and Brian Ostroff as CEO.
Lamarre comes with strong mining and mine construction experience as the former CFO of Lavalin Group, a major engineering and construction firm. He is also the current Chairman of gold-intermediate Semafo, which has mining operations in Western Africa.
Ostroff is a current Arianne director and comes with a capital markets background and was the former Managing Director of Winderemere Capital.
Arianne's hires come as the company moves into a search for financing on its Lac a Paul phosphate project in Quebec. Arianne recently permitted the project for construction and considers Lac a Paul the largest new phosphate project in the world with reserves of 472Mt @ 6.9% P2O5.
The project is 650 kilometres north of Montreal and has a hefty capex at $1.2B according to projections in a 2013 feasibility study. That study considered a low strip open-pit mine with a 26-year mine life and a net-present-value of $1.9 billion, pre-tax.
Arianne aims to produce 3 million tonnes @ 38.6% P2O5 a year and assumed a selling price of $213/tonne in the feasibility study.
Arianne is surviving on a $18,750,000 credit line it extended to 2017 late last year, repaying a previous $12.5m credit line.