Former Oil Search CFO Ayten Saridas wins new role at copper darling SolGold
Ayten Saridas, still suing her former employer over bullying allegations, wins the endorsement of two of Australia’s biggest miners in her new executive role.
The former Oil Search chief financial officer suing the company for bullying has won the backing of two of Australia’s biggest resources companies for her new role running the finances of one of the most closely-watched exploration plays on the market.
Ayten Saridas, who left Oil Search in late 2021 after only three months at the oil and gas major, has won a new role as the chief financial officer at London-listed SolGold, a copper explorer that boasts BHP and Newcrest Mining as its biggest shareholders.
SolGold’s flagship project, the Cascabel copper and gold project in Ecuador, remains one of the hottest properties in global mining.
Interest in the project – tipped to produce up to 210,000 tonnes of copper a year at peak output in the mid-2030s – has been generated not just by its grade and production profile, but also by the competitive tension on its register between BHP and Newcrest, who were drawn into a minor bidding war over their respective stakes in the company in 2016.
Both own about 13.5 per cent of the emerging miner, and one or the other is heavily tipped to make a play for SolGold – or bid for a significant equity stake in Cascabel – as the company proves up plans for the deposit.
SolGold delivered a pre-feasibility study on Cascabel in April, tipping a $US2.7bn construction cost on the initial development. Ms Saridas appointment comes as the company – which finished December with $US58.4m in cash and equivalents – sizes up its funding options for the next stage of studies on Cascabel.
In addition to her brief stint at Oil Search, Ms Saridas also led coal miner Coronado Global Resources’ finance team when the company listed in 2018, and has also held senior roles with AWE, Woolworths and Santos – now the owner of Oil Search after the $21bn blockbuster merger of the two companies.
Her recruitment is a minor coup for SolGold, which is led by former BHP executive Darryl Cuzzubbo, and the endorsement of SolGold’s new CFO by BHP and Newcrest – both represented on the SolGold board – sets to rest any shadows lingering from Ms Saridas brief stint at Oil Search.
Ms Saridas, Oil Search‘s chief financial officer in waiting, left the Papua New Guinea-focused company in December 2020, just three months after her appointment.
Six months later her boss, Kieran Wulff, abruptly resigned following a series of complaints about his bullying behaviour while it later emerged an investigation was conducted over a terse meeting between Mr Wulff and Ms Saridas.
Ms Saridas later filed a statement of claim against Oil Search in the NSW Supreme Court in November 2021 claiming damages for alleged mental anguish, distress and physical injury due to psychological strains along with costs following an alleged breach of her employment conditions.
Oil Search said at the time it denied the claims and would be “fully defending” the lawsuit. A Supreme Court case was later adjourned until June 10.