DENVER, March 7, 2013 /PRNewswire/ -- Prospect Global Resources, Inc. (NASDAQ: PGRX) today announced the appointment of Damon G. Barber as President and Chief Executive Officer, effective immediately. Mr. Barber, a veteran international mining and finance executive, joined the company in December 2012 as Executive Vice President and Chief Financial Officer. Mr. Barber's promotion brings to Prospect's CEO office the extensive mining and finance experience necessary for its next phase of development.
Mr. Barber said: "I am extremely excited about the opportunity to lead the development of Prospect Global Resources and its Holbrook project. The fundamentals of the project and the potash mining industry are tremendous for potential value creation. I am grateful that the Board has given me this opportunity to build North America's next potash company and mine."
Mr. Barber has more than 20 years' experience in natural-resources finance and operations and is former Chief Executive Officer of CST Mining Group Limited, a Hong Kong-based mining company. While CEO of CST, Mr. Barber led and directed the simultaneous and successful development of two copper mine development projects. The first project was developed into production, and the second project was developed to where it was sold for $505 million, approximately two times CST's total investment in the project. During this time, Mr. Barber also served as Chairman of Marcobre S.A.C., a joint venture between CST and Korea Resources Corporation and LS Nikko.
Prior to joining CST Mining, Mr. Barber was a Managing Director at Deutsche Bank and served as the Head of Deutsche Bank's Metals and Mining investment banking practice in Asia-Pacific. Mr. Barber also spent more than 11 years at Credit Suisse, including almost 10 years as an investment banker in Credit Suisse's Energy Group.Mr. Barber graduated from the University of Kentucky with a B.S. in Mining Engineering and began his career as a section foreman at CONSOL Energy Inc.'s Loveridge Mine. Mr. Barber holds an MBA from the Wharton School of the University of Pennsylvania.