CanAm secures Bolton

CANADA-based and US-focused producer CanAm Coal has added financial force to its growth plans with the formal addition of Scott Bolton as chief financial officer.
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CanAm's Powhatan mine

Donna Schmidt

Former CFO Jos De Smedt will now assume the seat of president and chief operating officer, and Tim Bergen will remain chief executive officer.

Bolton’s appointment was effective June 1, the company said Tuesday.

He came to CanAm from PricewaterhouseCoopers, where he was senior partner and Canadian energy leader.

His technical experience over his 27-year PwC career included business strategy, mergers and acquisitions, accounting and auditing and valuations.

“I am excited to join CanAm, a company that has transformed itself into a profitable coal producer and is poised for significant growth in the years to come,” he said.

“I am looking forward in working with the leadership team as we execute on our strategic plan to achieve an annual production target of 3 million tons in the next three to five years.”

CanAm initially announced a handful of executive movements, including its plans to add Bolton, in March.

“Since late 2009, CanAm has repositioned itself as a coal producer and the company has embarked on an aggressive growth strategy,” chairman Jonathan Legg said at the time.

He also spoke to the producer’s 3Mtpa target, noting that it would attain the mark with organic growth and acquisitions.

“In order to achieve this goal, we had to expand our management and executive capabilities with another senior and experienced individual who can add significant value and bring additional credibility to CanAm's impressive growth story,” he said.

CanAm owns four coal operations in Alabama as well as the Buick coal project in Colorado, which has 188 million tons indicated and 103Mt inferred resources.