Former Rio Tinto exec joins Lionsgold as consultant

JOHANNESBURG (miningweekly.com) – Aim-quoted Lionsgold has recruited former Rio Tinto executive Alan Davies as a part-time consultant, the company announced on Wednesday, as it unveiled that its global digital currency, Goldbloc, would be launched in the Indian market next year.

Davies, who was formerly the CEO of Rio Tinto’s energy and minerals business, as well as its diamond business, has significant experience in the Indian market. He had executive responsibility for Rio Tinto in India for more than eight years.

Lionsgold, which has a strategic partnership and 21.5% stake in Indian gold explorer Geomyscore and gold mining assets in Finland, is seeking to combine its gold exploration and production initiatives with its retail application. The company is the majority owner of a financial technology platform providing gold-backed online accounts for people to hold and use physical gold.

Liongold last month announced a new product, Goldbloc, would be used as a gold-backed digital currency and banking platform, enabling individuals to “hold their wealth in gold and spend their gold with the convenience of every day banking”.

Goldbloc would be launched in the Indian market in the second half of 2018.

“I believe Lionsgold shall prove to be in an enviable position as the only Aim-quoted company with substantial exposure to India's mining industry, a market I know well and that I believe has massive potential over the coming years and decades. I plan to help develop Liongold's opportunities inside and outside of India, and assist in the growth of their business model of combining the exploration and production of gold with initiatives for its retail application," Davies said in a statement distributed by Lionsgold.

Davies would work on a part-time basis for Lionsgold and would be remunerated through shares.