Lynch will focus more on the strategic direction of the company and its development, and the ongoing discussions on the financing alternatives currently underway.

“For the time being, the directors and chairman will continue to devote whatever time is required for the financing alternatives and to fulfill their roles, without receiving any remuneration,” Lynch said in a statement.

“These changes will deliver increased efficiencies to the group while at the same time lowering the group’s overall cost structure.”

Kielenstyn has been a member of the senior management team in the capacity of the Indonesian country manager and president director PT Cokal since May 2013.

He is an expatriate based in Indonesia since 1974, he is a veteran of the Indonesian mining and civil industries.

“Cokal is pleased to have someone of Garry’s calibre to fill this critical role in the organization,” Lynch said.

Cokal has also appointed Teuku Juliansyah as chief financial officer. Juliansyah is currently finance manager – Indonesia for Cokal.

He is a registered accountant with the Indonesian Ministry of Finance and has a Bachelor’s Degree in Economics majoring in accounting.

Prior to joining Cokal, Juliansyah was a manager with PricewaterhouseCoopers.

Juliansyah has continually taken on additional responsibilities as functions were transferred to Indonesia from Australia.