The company announced on Monday that Lindsay had informed the board that Guildford’s transition from explorer to producer and the increased internationalization associated with the ramping up of activities in Mongolia were important achievements that had influenced his decision to step down as chairman.

“The foundations have been laid,” Lindsay said in a statement.

“Guildford will now benefit from a new chairman to lead the board in pursuing the next planned phase of development intended to achieve and then grow sales of low cost, high quality coking coal from operations in southern Mongolia.

“At the same time the company will continue to advance options for its vast tenements in Queensland.”

Lindsay will, however, stay with the company in a new role leading the company’s Queensland development committee, which will oversee the development and commercialization of mining and infrastructure proposals in north Queensland.

Managing director Peter Westerhuis paid tribute to Lindsay’s commitment to the company.

“The board and management thank Mr Lindsay for his good guidance and significant contribution to the rapid evolution of Guildford from explorer to producer,” Westerhuis said.

“The time in which this has been achieved really is remarkable. We are pleased Mr Lindsay has agreed to continue with us in a new important role that will use his extensive regional experience in leading our efforts in north Queensland. ”

Guildford said it had commissioned the services of Heidrick & Struggles to assist with the sourcing and appointment of a new chairman.

In the meantime and with immediate effect, non-executive director Alan Griffiths has been appointed acting chairman.