Deep Yellow’s John Borshoff to step down

Deep Yellow managing director and chief executive John Borshoff has stepped down from his role, effective from 20 October.

Deep Yellow is the mining company operating the Tumas uranium project in the Erongo region.

The company’s board of directors announced the move on Monday.

Borshoff will, however, continue as the company’s adviser until the end of November to ensure a smooth transition process, the board says.

Having joined in 2016, Borshoff was involved in exploration, mine construction and production, including in founding Paladin Energy, which owns the Langer Heinrich Mine, which also mines uranium in the Erongo region.

“A global search for a replacement managing director and chief executive for Deep Yellow is at an advanced stage, and a further announcement will be made when this process has concluded,” Deep Yellow’s executive board chairperson, Chris Salisbury, says.

In the meantime, chief financial officer Craig Barnes will work with the board as acting chief executive to ensure a smooth transition on a temporary exertion fee of US$20 156 ( about N$349 304) per month during this period.

While Salisbury will step in as temporary executive chair to support Barnes and the organisation on a temporary exertion fee of US$6 875 (N$119 143) per month for the period.

The company says the exertion fees will be in addition to normal salary/director fees as applicable, with all other employment terms and conditions for Barnes and Salisbury remaining unchanged.

Deep Yellow is a mid-cap uranium company developing a portfolio of Tier-1 assets in Namibia and Australia.

The company aims to establish a more than 10 million pounds per annum, multi-mine producer and provide long-term supply security in a growing market.

In Namibia, its focus has been on its flagship Tumas project, which has grown since 2017 through exploration and development work.

The board expressed gratitude to Borshoff for his contribution to the uranium industry and for being influential in shaping the uranium industry at many industry advocacy forums, and for being a persuasive advocate for nuclear energy in the global decarbonisation challenge.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.