THE BOURSE WHISPERER: AGM season continues to take its toll on the Boardrooms of the junior mining sector.
Board and Management Changes
Discovery Metals (ASX: DML) has announced changes to the company’s Board and senior management.
Brad Sampson will cease his role as managing director and chief executive officer with effect on 31 December 2013. Sampson will be on extended leave until this time, and will be pursuing new opportunities in the resources sector.
Sampson has also resigned as a director of Discovery Metals and its subsidiaries.
Bob Fulker, presently Discovery Metals’ chief operating officer, will assume the role of acting chief executive officer in an interim capacity pending a permanent appointment.
Niall Lenahan has resigned as director of the company.
The company will immediately commence an executive search for suitable candidates to fulfil the chairman, managing director and additional non-executive director positions on a permanent basis.
It is anticipated this process will be concluded by the end of the Third Quarter FY14.
Evolution Mining (ASX: EVN) has advised the market that Paul Marks has resigned as a non-executive director of the company.
Marks has resigned to pursue other business interests that have advanced and become more time consuming endeavours.
Evolution has entered into a consultancy agreement with Marks whereby the company may call on him for advisory or consultancy services, as and when required, through until 30 June 2014.
Marks has served on the Evolution Board since the formation of the company in November 2011 and prior to this was a non-executive director of Conquest Mining, a predecessor company of Evolution.
Inova Resources announces Board changes
Inova Resources (ASX: IVA) announced the resignation from the company’s Board of Stephen McIntosh and Stewart Beckman.
McIntosh and Beckman were appointed in May 2012 as nominees of the company’s former majority shareholder, Turquoise Hill Resources, which on 1 November 2013, announced it had accepted all of its shares in Inova Resources into the takeover offer for the company by Shanxi Donghui Coal Coking & Chemicals Group.
“The Board would like to thank Stephen and Stewart for the significant contributions that both of them have made to the company over the past 18 months,” Inova Resources chairman Peter McMahon said.
Resignation of non-executive director
Robust Resources (ASX: ROL) non-executive director Andrew Wilson has resigned from the Robust Board to pursue other business interests including an Indonesian-focused role with the company.
Wilson was appointed to the Robust board in January 2010 and has played a key role in the development of the company’s operations in Indonesia.
The company indicated Wilson’s Indonesian related skills and experience will not be lost as he has accepted the leadership role of Commissioner of PT Gemala Borneo Utama (PT GBU), the local Indonesian subsidiary that owns the mining rights over the Romang Island projects.
“We would like to thank Andrew for his significant efforts and contribution to the company,” Robust Resources chairman David King said.
“We look forward to his continued contributions in his new role within the Robust group.
“Robust has a broad portfolio of projects in Indonesia, Philippines and now the Kyrgyz Republic, in various stages of development.
“As the company advances these projects, the composition and structure of our Board is a key priority and we constantly review this to ensure we have the right mix of skills to develop our project portfolio.”
Appointment of director
A-Cap Resources (ASX: ACB) announced that Angang Shen has been appointed to the company’s Board as a director.
Shen is the chairman of both China Growth Minerals Limited and Ansheng Investment, which collectively hold a 19.8 per cent interest in A-Cap.
Appointment of new managing director
Xstate Resources (ASX: XST) advised that Gary Jeffery has resigned as managing director of the company and to become managing director of Australian Oil Company (ASX: AOC).
Paul Cartwright who is presently a non-executive director and substantial shareholder will become the managing director of Xstate Resources.
Board and executive changes
Lemur Resources (ASX: LMR) non-executive chairman Marcello Cardaci has resigned as chairman.
The company further advised that current executive director Anthony Viljoen, has been appointed CEO, while Jonathan Murray has been appointed as non-executive director.
Murray has more than 15 years’ experience as a corporate lawyer and is currently a partner of Steinepreis Paganin, an independent Perth based corporate law firm.
Viljoen is a founding director of Lemur, having been appointed on 8 November 2010, and is also a director of Bushveld Minerals.