LOUISVILLE, Kentucky, April 12, 2017 /PRNewswire/ --
Bituminous coal producer Bowie Resource Partners, LLC ("Bowie"), which is majority-owned by the Galena Private Equity Resources Fund ("Galena"), has today announced that the Company's Founder and Chairman, John J. Siegel, has stepped down from his executive duties to become Non-Executive Chairman to focus on Board matters and specific projects. In addition, Gene DiClaudio has been appointed CEO and Carlos Pons, a Board member of Bowie, has been appointed co-CEO alongside Mr. DiClaudio.
Coinciding with these appointments, the Galena Private Equity Resources Fund will provide a capital injection to allow Bowie to settle outstanding payments, including a termination fee owed to Peabody Energy Corporation.
"We would like to thank John for his vision and for his contribution to Bowie over many years and look forward to him continuing to serve as Board Chairman and wish Gene and Carlos every success in their new roles," said Jesus Fernandez, Bowie Board member and Principal for Galena Private Equity Resources Fund. "Their priority will be on day-to-day operations and on strong financial management. Galena remains committed to Bowie which remains the largest Western Bituminous coal producer in the US, producing high-quality, clean-burning coal that is sold to markets throughout the world."
Gene DiClaudio has 40 years of experience in the coal industry. Prior to joining Bowie in 2013 as Chief Operating Officer, he served as the President of the Arch Western Bituminous Group for seven years where he oversaw the operations of the Sufco, Skyline, Dugout Canyon and West Elk mines and was responsible for all operational results. Previously, Gene was president of Mountain Coal Company, LLC and held senior executive positions at ARCO Coal and BP Coal.
Carlos Pons has 13 years of experience in M&A in mining and natural resources. He started his career at Goldman Sachs in London and Moscow and also worked for Volga Resources Group as VP for investments and executed mining and infrastructure investments in Russia and Africa. He joined Trafigura in 2013 from Glencore where he was M&A manager of the Oil Department. Carlos is a Board member of a number of companies including Bowie and Mineração Morro do Ipê, Brazil.
About Bowie Resource Partners, LLC
Bowie Resource Partners, LLC is a highly competitive coal company serving the Western US power generation industry and export markets. Based in Louisville, Kentucky, with a regional office in Grand Junction, Colorado, the company employs over 950 staff and has an annual productive capacity of 12-14 million tons of thermal coal.
Galena Asset Management S.A. is the wholly-owned private investment arm of the Trafigura Group, a world leading commodity trading firm, and is authorised and regulated by the Swiss Financial Market Supervisory Authority (FINMA). For more than a decade Galena has enabled leading institutional investors to access investment opportunities alongside the Trafigura group through funds or managed accounts. Galena's portfolio management specialists have built considerable experience in metals, minerals, oil, shipping and infrastructure. Galena acts independently, but derives significant benefits from its relationship with Trafigura, its principal anchor investor.
The Galena Private Equity Resources Fund LP is a US$400 million closed end Cayman Islands limited partnership designed to invest in the junior mining sector. The investors are leading global institutional investors, including a US university endowment and one of the biggest European insurance companies and a number of family offices. Trafigura is also a pari-passu limited partner in the fund. As of February 2017 the fund had three investments in its portfolio including in Bowie Resource Partners LLC. The fund is also a majority investor in Mawson West, a copper and silver-focused resource company operating in the Katanga Basin in the Democratic Republic of Congo and in Finland-based zinc and nickel mine Terrafame Ltd. The Galena Private Equity Resources Fund has invested in Bowie since August 2013, in Mawson West since December 2014 and in Terrafame Ltd since February 2017.
SOURCE Bowie Resource Partners, LLC and Galena