Deep Yellow recruits Rio exec Greg Field after investor furore over John Borshoff exit

Uranium mining hopeful Deep Yellow has brought in an ex-Rio Tinto managing director to replace John Borshoff, whose brusque exit has caused frustration among investors. Greg Field is due to start as Deep Yellow’s chief executive no later than May 1, effectively ruling out the return of industry stalwart Mr Borshoff. It comes weeks after major shareholders Paradice Investment Management, Soul Patts and MacMillan Super Fund banded together in a bid to put pressure on the Deep Yellow board to reappoint Mr Borshoff. Executive chair Chris Salisbury, who was also employed with Rio Tinto as its iron ore chief until 2020, said the new hire would bring “considerable execution skills and extensive experience in delivering multiple large-scale resource projects”. “The company’s strategy remains unchanged, and we will continue the orderly derisking of the Tumas project whilst also watching the uranium market develop the conditions necessary to support greenfield development.” Mr Field will be paid $728,000 a year at Deep Yellow and be entitled to long and short-term bonuses representing up to 80 per cent of his salary His current role is listed as Rio’s managing director for projects in America and Europe. “I am fully aligned with the company’s strategy, and with two execution-ready projects in Tumas and Mulga Rock, the company is well-positioned to capture the upside potential of the market and deliver long-term value to shareholders,” Mr Field said. Shareholders used a packed annual general meeting of Deep Yellow in Perth on November 20 to vent over Mr Borshoff’s departure, which wiped nearly 20 per cent from its market value when the news dropped on investors on October 20. Chief financial officer Craig Barnes has been running Deep Yellow as interim CEO, aided by Mr Salisbury, who has stepped up into an executive chair role. A final investment decision on Tumas — Deep Yellow’s flagship project in Namibia — was deferred in April this year. Mulga Rock, in the Goldfields, is WA’s only uranium project with State Ministerial approval. Deep Yellow shares were up 0.4 per cent in early trade at $1.62.