Business
Aberdeen International Appoints Seasoned Mining Executive Dev Shetty as Executive Chairman and New CEO and Other Corporate Updates
TORONTO, Dec. 05, 2024 (GLOBE NEWSWIRE) -- ABERDEEN INTERNATIONAL INC. (“Aberdeen” or the “Company”) (TSX: AAB F:A8H, OTC:AABVF) is pleased to announce the appo
About this update from Aberdeen International Inc.
[{"type":"text","content":" TORONTO, Dec. 05, 2024 (GLOBE NEWSWIRE) -- ABERDEEN INTERNATIONAL INC. (“Aberdeen” or the “Company”) (TSX: AAB F:A8H, OTC:AABVF) is pleased to announce the appointment of Dev Shetty as Chief Executive Officer of the Company and as Executive Chairman of the Company's board of directors (the “Board”), effective immediately. Mr. Shetty's appointment follows Mr. Fred Leigh's resignation as Chief Executive Officer of the Company, though Mr. Leigh will remain on the Board. The appointment of Mr. Shetty is part of the Board’s strategy to revamp the Company's investment strategy and to establish a new investment platform focused on identifying and acquiring assets in energy transition metals, precious metals, base metals, and gemstones. As part of this new strategy, Mr. Shetty intends to onboard an executive team with extensive experience acquiring and managing mining assets. Mr. Shetty is a chartered accountant and has extensive experience in private equity, mining, and corporate turnarounds. His expertise includes direct hands-on management of all phases of diverse mining projects and he has a particular expertise in acquiring, and transforming and monetizing mining projects into valuable assets. In private equity, Mr. Shetty has successfully acquired and revitalized key mining assets, including a manganese and platinum mine in South Africa and an iron ore mine in Australia. As founder and former CEO of Fura Gems Inc. (previously listed on the TSXV Venture Exchange), (“Fura Gems”) he transformed the Fura Gems into the only company with all three major colour gemstones in its portfolio and turned mines in Colombia, Mozambique, and Australia into revenue-generating operations. He is credited with the turnaround of Gemfields Group Limited, where he was instrumental in developing the world's largest emerald mine in Zambia and the world’s largest ruby deposit in Mozambique. Mr. Shetty joined the Board of Prospect Resources Ltd (“Prospect”) in 2020 and collaborated with the management and board to create a new strategy for the company. In 2022, Prospect announced the sale of its Arcadia Lithium in Zimbabwe at a total valuation of AUD528 million and a 1,500% share price appreciation over 6 years for Prospect shareholders. Mr. Shetty commented on his appointment: \"I am excited about this appointment, and with my team of mining talent, we lo...