Ciner Resources owns 51% of Big Island Mine and Production Facility in Green River, Wyoming which mines trona, naturally transforming it into soda ash. This natural process provides Ciner Resources with a sustainable cost advantage over competitors that manufacture soda ash synthetically with chemicals. In addition, the lower cost profile allows Ciner to ship soda ash all over the world, while remaining competitive with global synthetic producers.
The Board of Directors of Ciner Resource Partners LLC, our general partner, will provide oversight of our operations and activities. The Board has established two independent committees: the Audit Committee and the Conflicts Committee. The charters for the Audit Committee and the Conflicts Committee, the Corporate Governance Guidelines, the Code of Conduct and Ethics, the Internal Reporting, Supplier code of Conduct, Whistleblower Protection Policy and the Insider Trading Policy are found below.
Yes, we have historically paid what are called “distributions” to our unitholders of record on a quarterly basis (similar to quarterly dividends paid by a corporation to its shareholders). The decision to pay quarterly distributions is at the discretion of our board of directors and depends on various factors. These factors include our financial results, capital requirements, level of indebtedness, and other relevant considerations.
Since August 2019, Mr. Tohma has been a Finance Director at Ciner Group. From 2003 until August 2019, Mr. Tohma worked in various management roles at Turkiye Garanti Bankasi (“Garanti”) in Turkey, a Turkish financial services company, and most recently as the Executive Vice President responsible for the Corporate Finance Department at Garanti Securities beginning in 2018. Mr. Tohma’s experience at Garanti included his roles as an internal auditor until February 2009 and as a member of the Project and Acquisition Finance Department until 2018, where he frequently engaged in project finance transactions in the energy and industrial sectors.
Gürsel Usta was appointed to the Board of Directors in June 2019. Mr. Usta has served as the Vice Chairman of the board of directors of We Soda UK, the UK based holding company of Ciner Group since January 2019. Since January 2016, Mr. Usta has also served as the Vice Chairman of Park Holding, which is also a member of the Ciner Group and holds energy and mining assets, among others. Mr. Usta has also historically held several leadership roles at companies within the Ciner Group, including his position as chief executive officer of the Energy & Mining Group from January 2014.
Recep Bastug was appointed to the Board of Directors in June 2019. Mr. Bastug has been a member of the board of directors of the Ciner Group from 1989 until April 2018. Mr. Bastug served in various senior management roles at Türkiye Garanti Bankasy AP, a Turkish financial services company.
Kevin Kremke joined Ciner as Chief Financial Officer in June 2014. Kevin leads the finance team for Ciner Resources Corporation and Ciner Resource Partners LLC, the general partner of Ciner Resources LP. His responsibilities include overseeing Ciner’s overall financing activities, strategic planning, investor relations, treasury, and accounting. In addition, Kevin serves on the Audit Committee of the Board of Directors for American Natural Soda Ash Corporation (ANSAC).
Kevin has nearly 20 years of senior management experience, most recently as the Vice President of Finance and Strategic Planning at Cheniere Energy, Inc. He has also held senior positions at Spark Energy, Reliant Energy, and NiSource Inc. Kevin earned a Bachelor of Science in Marketing from Ball State University and a Master of Business Administration in Finance and Strategic Management from the University of Chicago Booth School of Business.
Thomas W. Jasper was appointed as a director of our general partner in January 2016. Mr. Jasper has served as Managing Partner of Manursing Partners, LLC, since 2011, and also previously served as Chief Executive Officer of Primus Guaranty, Ltd. from 2001 to 2010. Prior to joining Primus, Mr. Jasper served for 17 years as a key executive of Salomon Brothers, Inc. and its successor companies. Mr. Jasper’s accomplishments at Salomon included: establishing its interest rate swap business, running its Debt Capital Markets platform, serving as Chief Operating Officer of the Asia Pacific Region based in Hong Kong and as Global Treasurer. In 1984 while at Salomon, Mr. Jasper co-founded the International Swaps and Derivatives Association (“ISDA”) and served as its first Co-Chairman. Mr. Jasper currently serves on the Board of Directors and as Chair of the Audit Committee of the Blackstone funds Blackstone/GSO Senior Loan Fund, Blackstone/GSO Long-Short Credit Income Fund, Blackstone/GSO Strategic Credit Fund and Blackstone Real Estate Investment Fund. Mr. Jasper also serves on the board of three non-profits: Phoenix House Foundation, where he is Chairman of the Board, Wellspring Foundation and the SMU Cox School of Business. He received his BBA from Southern Methodist University and his MBA from the University of Texas.
Independent Director / Chairman of the Audit Committee
Angela Minas was appointed as a director of our general partner in December 2013. Ms. Minas currently serves on the Board of Directors and as Chair of the Audit Committee of the general partner of CONE Midstream Partners LP. She also serves on the Board of Directors of the general parter of Westlake Chemical Partners. Ms. Minas served as Vice President and Chief Financial Officer for DCP Midstream Partners from September 2008 to May 2012. She served as Chief Financial Officer, Chief Accounting Officer and Treasurer of Constellation Energy Partners from September 2006 to March 2008. Prior to her experience in the MLP sector, Ms. Minas served as Senior Vice President, Global Consulting and Vice President, US Consulting for Science Applications International Corp. She was a Partner with Arthur Andersen LLP from 1997 through 2002. Ms. Minas is a graduate of Rice University, where she earned a Bachelor of Arts in Managerial Studies and a Master of Business Administration with a concentration in Finance and Accounting.
Michael Ducey was appointed as a director of our general partner in September 2014. Mr. Ducey is the retired President, CEO and Director of Compass Minerals International, Inc., the second largest salt producer in North America and the largest in the U.K. Prior to joining Compass Minerals, he was a 30-year veteran of Borden Chemical, Inc., where he worked in various management, sales, marketing, planning and commercial development roles culminating in President, CEO and Director. Mr. Ducey currently serves as a board member and chairman of the audit committee of Verso Paper Holdings, Inc. In addition, he serves on the board of HaloSource, Inc. and Apollo Global Management LLC, a private equity firm. Mr. Ducey is a graduate of Otterbein College, where he earned a Bachelor of Arts; he earned a Master of Business Administration from the University of Dayton.
Doğan Penҫe was appointed as a director of our general partner in April 2017. Mr. Penҫe has been a board member responsible for finance and strategy for Park Holding A.S. of the Ciner Group since December 2009, and was the Group CFO of Park Holding from December 2009 to March 2016. Prior to joining Park Holding, Mr. Pençe served as Executive Vice President of Credits VakifBank A.S., one of the largest banks in Turkey. Mr. Pençe holds a Bachelor’s degree in Political Science from the Istanbul University.
Oguz Erkan was appointed as President and CEO in June 2019. Prior to this designation, Mr. Erkan served as Director of International Operations & Coordination at our ultimate US parent company, Ciner Enterprises, Inc. from November 2015 to 2019. From January to November of 2015, Oguz operated as Director for Ciner Group in London, UK. Before this assignment, from June 2012 until January 2015, Mr. Erkan served as General Manager for Kasimpasa AS, a subsidiary of Ciner Group, and from 2009 to 2012 as Project Director for Middle East and North Africa. Oguz holds two bachelor’s degrees from Northwest Missouri State University, one in Marketing and one in International Business.
Alec G. Dreyer was appointed director to our General Partner in July 2018. Mr. Dreyer has served since 2012 as a Senior Advisor to IFM Investors, a leading investment management company with over $75 billion under management. He also served as Chairman of the Board of Managers and Audit Committee Chair for Essential Power Investments LLC, an IFM Investors holding prior to its sale in 2016. Mr. Dreyer served as Chairman of the Board, Lead Director and Audit Committee Chair for Comverge, Inc., a clean energy company when it was listed on NASDAQ. Mr. Dreyer also served on the Board of Directors for EcoSecurities Group plc when it was listed on the London Stock Exchange.
Prior to his Board tenure, Mr. Dreyer has served as Chief Executive Officer of the Port of Houston Authority, one of the nation’s leading ports. He also was Chief Executive Officer for Horizon Wind Energy LLC, when it was a wholly-owned subsidiary of Goldman Sachs & Co. He also has held senior leadership positions at Dynegy Inc., Illinova Corporation, and Illinois Power Company. Mr. Dreyer started his career with Price Waterhouse in St. Louis.
Mr. Dreyer is a Certified Public Accountant, is a Phi Beta Kappa graduate in Political Science and Pre-Law from the University of Illinois, and holds a Masters of Business Administration Degree with distinction from Washington University in St. Louis.
Atilla Ciner was appointed as a director of our general partner in September 2017. Mr. Ciner is currently Vice President of the Ciner Group. Most recently, he was Vice President at Eti Soda from 2016 to June 2017. Previously, he was Chairman and President of Ciner Yapi Teknik, a construction planning, engineering and excavation business for the mining industry in Turkey from 2012 through 2016. Mr. Ciner holds a Bachelor’s degree in Journalism from Yeditepe University and is fluent in both Turkish and English languages.
The Honorable Matthew Mead was appointed as director of our general partner in January 2020. Mr. Mead has served as an Assistant County Attorney, as a Special Assistant Attorney General, an Assistant U.S. Attorney and was a partner in the law firm of Mead and Phillips. Matt was appointed by President Bush in 2001 as U.S. Attorney for the District of Wyoming where he served until 2007. He was elected as Wyoming’s 32nd Governor in 2010, serving two terms until January 2019. Matt currently owns and operates a family-run cattle ranch and land development business in Wyoming and he is a Partner at Hathaway and Kunz law firm in Cheyenne, Wyoming. Concurrent with his Ciner Board tenure, he also serves on the Board of the Buffalo Bill Center of the West.
The former Governor Mead holds a BA from Trinity University and a Juris Doctor from the University of Wyoming.