{"id":49981,"title":"Phoenix Copper leadership suspended amidst investigation into payments","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2026-02-10T10:43:51+00:00","modified":"2026-02-10T07:47:38+00:00","canonical_url":"https://stockmark.it/phoenix-copper-leadership-suspended-amidst-investigation-into-payments/","markdown_url":"https://stockmark.it/phoenix-copper-leadership-suspended-amidst-investigation-into-payments.md","json_url":"https://stockmark.it/phoenix-copper-leadership-suspended-amidst-investigation-into-payments.json","category":"Financial","categories":["Financial","Investment","Mining"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2023/06/stencil.stockmark-it-large-17.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"Phoenix Copper Ltd, a copper miner whose shares are traded on London’s junior market, has suspended its executive chairman and finance chief as allegations have emerged concerning payments made to the company’s former financial adviser. The shares of Phoenix Copper closed down nearly 50 per cent following this news.\n\nThe company announced the suspension of Marcus Edwards-Jones and Richard Wilkins from their roles with immediate effect. An investigation is currently underway regarding allegations related to the executives’ conduct and certain historic payments made to Lloyd Edwards-Jones SAS, the former corporate finance adviser of the company. This firm was co-founded by Marcus Edwards-Jones, who also serves as managing director.\n\nIn response to the ongoing investigation, interim financial oversight has been established. The company is actively seeking an interim finance chief, supported by Catherine Evans, chair of the audit committee, and Ryan McDermott, chief executive of Phoenix Copper. The firm stated that a further announcement will be made once the investigations are concluded.\n\nWhile investigations continue, Phoenix Copper has decided to outsource the role of company secretary to a reputable corporate services firm recommended by its professional advisers. The firm’s primary asset, the Empire Mine in Idaho, is estimated to have potential reserves amounting to 10.1 million tonnes of copper and precious metals; however, the mine has yet to reach production.\n\nAn anticipated surge in demand for copper, essential for the energy transition, has sparked interest among the world’s largest miners. According to S&P Global, the growth in artificial intelligence and defence sectors is projected to boost global copper demand by 50 per cent by 2040. However, supply shortages could exceed ten million tonnes annually without increased recycling and mining efforts.\n\nSeparately, Phoenix Copper has reported limited working capital. Without additional funding, the company anticipates that its cash reserves will only last until the second quarter of the year. The firm is currently exploring a range of short-term and long-term funding options, with plans to provide shareholders with updates on its fundraising strategy in due course.\n\nFor the six months ending in June, Phoenix Copper recorded a pre-tax loss of £0.7 million, a slight improvement from a loss of £1.1 million during the same period last year. Following the recent developments, the shares have lost a total of 75 per cent of their value over the past twelve months."}