THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.
Appointment of new Chairman and Director
Elemental Minerals (ASX: ELM) announced the appointments of Tom Borman as the new chairman of the Board and Mike Golding as a non-executive director.
Borman will replace Sam Middlemas who will remain on the Board as a non-executive director.
“We are extremely pleased that both Tom and Mike have agreed to join the Elemental Board,” Elemental Minerals CEO John Sanders said.
“It has been our stated intention to significantly strengthen the Board with a broad set of skills and experience that are integral to developing the world class Kola and Dougou assets in the Republic of Congo and to further augment the strategic direction of the company.
“The company would like to thank Sam Middlemas for the service he has provided as chairman of the Board and are delighted that he has agreed to stay on in a non-executive role.”
Alara Resources (ASX: AUQ) announced the resignation of His Royal Highness Prince Abdullah bin Mosaad bin Abdulaziz Al Saud as a non-executive director following his appointment by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud to a government position as General President of Youth Welfare, effectively, the Kingdom of Saudi Arabia’s minister of sport.
In connection with this resignation HRH Prince Abdullah is obliged to resign all private sector directorships.
Alara has appointed James D Phipps, HRH’s principal advisor and, to date, alternate director on the Board of Alara, as a non-executive director.
Phipps represents the interests of HRH Prince Abdullah on the boards of various public and private companies, a number of which he chairs.
“Alara has been very fortunate to have HRH Prince Abdullah on its Board; to represent the company’s interests in Saudi Arabia and to advise the Board and management team as the company transitions to be a base metals producer in Saudi Arabia,” Alara Resources chairman Ian Williams said.
“Alara is pleased to have continuity for this influential Board position, with James Phipps transitioning to non-executive director and continuing to represent Alara’s interests in the Kingdom at Board level.”
Appointment of General Manager
Royal Resources (ASX: ROY) has appointed Nathanial Toll as interim general manager.
Royal said the appointment is in accordance with the company’s intention to relocate its executive and business office to South Australia to better control the development of the Razorback iron project.
Toll is a hydrogeologist with a Bachelors degree in geology and a Masters degree in Hydrogeology.
He has over 15 years’ experience in industry. During his career he has managed technical studies environmental approvals in the contaminated sites, mining and nuclear waste industries.
He has held technical and management positions at Rio Tinto and Sandia National Laboratories.
Marenica Energy (ASX: MEY) announced that Robert Pearce has retired as chairman and a director of the company.
Pearce has been chairman of Marenica since 2010.
The company has advised that non-executive director Doug Buerger has been appointed as its new chairman.
Buerger specialises in exploration, geochemistry and geology with over 40 years’ experience in the resources industry in base metals, gold and uranium.
Marenica has also appointed Hanlong nominee Lou Guo Qing as a non-executive director of the company.
Toro appoints Sentient representative to Board
Subsequent to The Sentient Group and Toro Energy (ASX: TOE) reaching agreement in regards to a $10 million cash injection by the former, Toro has agreed to grant Sentient the right to appoint one nominee to its Board for so long as Sentient maintains a minimum interest in Toro of 11 per cent.
Michel Marier has been invited to join the Board of Toro. Marier joined Sentient in 2009 as an investment manager.
Before joining Sentient, Mr Marier worked for eight years at the Private Equity division of la Caisse de dépôt et placement du Québec (CDPQ).
He is currently a Director of ASX-listed Geodynamics (ASX: GDY) and Samco Gold, a company listed on the TSX.V exchange.