Former Network Ten owner Laurence Freedman has reversed his decision to retire as chairman of KalNorth Gold Mines which celebrated its transition to producer status yesterday.
It was not on the same scale as billionaire Andrew Forrest waving an Australian flag from the front of the first iron ore train out of Fortescue Metals Group’s Solomon Hub mine in the Pilbara in December.
But there were some theatrics from Mr Freedman, who posed for photographs with a golden shovel and led applause as the first truckload of ore left KalNorth’s Lindsay’s mine, 65km north-east of Kalgoorlie-Boulder, yesterday.
The company was founded as Carrick Gold more than a decade ago by late Perth dealmaker Frank Carr, but when he died his long-time friend stepped into the role in late 2010.
“After Frank died I said I would give it two years and then do other things,” Mr Freedman said. “But I’ve been very flattered that my fellow directors and shareholders have asked me to stay so I’ll stay on for a while longer.”Mr Freedman (14 per cent) is KalNorth’s second-biggest shareholder behind Cross-Strait Common Development Fund of Hong Kong which holds 22 per cent.