THE BOURSE WHISPERER: The regular game of musical chairs continues within the boardrooms across the resources industry.
Managing Director Resigns
Robert Mencel has resigned his position as managing director of IronClad Mining (IFE: ASX).
Mencel was appointed in 2012 to develop the Wilcherry Hill iron ore project.
“During his time at the helm the iron ore industry has been plagued by decreasing prices, increasing costs and high exchange rates,” IronClad Mining said.
“The company acknowledges the contributions Mr. Mencel has made in trying to overcome these hurdles and is grateful for his efforts.”
Board and Management changes
Oro Verde Limited (ASX: OVL), following its decision to focus its activities in Nicaragua is to make a number of changes to its Board and Management.
Trevor Woolfe will be appointed as chief executive officer while serving executive chairman and managing director, Dr Wolf Martinick will relinquish his role as MD and move to non-executive chairman.
Executive technical director, Dr Brad Farrell will remain as a technical director but in a non-executive capacity.
Current directors Ross O’Dea and David Ward will both retire.
Well known industry executive Tony Rovira will be appointed to the Board as a non-executive director.
Chief Executive Officer appointment
Yellow Rock Resources (ASX: YRR) has appointed Vincent Algar to the position of chief executive officer (CEO) to lead the company through its next stages of growth and the advancement of the company’s high-grade Gabanintha vanadium project.
“The Board is extremely pleased to be in a strong position to advance the Gabanintha vanadium project and the addition of Mr Algar to the team will help the company achieve the next steps efficiently,” Yellow Rock Resources executive director Leslie Ingraham said.
“His prior experience in resource consulting, listed companies and with ferro-metals will be invaluable to help move the project towards feasibility.
The company also advised the resignation of Lorry Hughes as its current CEO.
Chairman takes Management Role
Spitfire Resources (ASX: SPI) announced that its chairman James Hamilton has agreed to take up full time management of the company.
Hamilton becomes Spitfire’s managing director after the passing of John Mackenzie.
Hamilton is one of the founders of Spitfire and the company’s second biggest shareholder.
He will lead a reduced board of three.
He brings to the role more than 20 years’ experience in the global resources sector and has held executive management positions for both Australian and UK public companies during the past decade.
Base Resources (ASX: BSE) announced that Mike Stirzaker has been appointed to, and Trevor Schultz has retired from, the role of non-executive director.
Schultz’s retirement comes as part of the ongoing evolution of the composition of the Board as the company moves into its next phase of development.
He has been a director of Base since 2011 and has been instrumental throughout the construction phase of its Kwale project.
Resignation of Executive Chairman and Executive Appointment
Fifth Element Resources (ASX: FTH) advised that its chairman Chi Ho William Lo has resigned from the Board to pursue other business opportunities, but will continue to act as a consultant to the company.
The company also announced the appointment of Yang Zhang as chairman and chief executive officer.
Zhang has over 20 years’ of experience in industrial investment and management.
He has previously been the chairman of companies listed on the Hong Kong Stock Exchange, including Inter-China Holdings Company Limited and Guo Xi Group Limited.