Atlantic boss walks out

Embattled mining company Atlantic has announced the resignation of its chief executive, Daniel Harris.

Atlantic’s ASX listing has been suspended since February 2014, when a fire occurred in the Windimurra beneficiation plant of the company’s wholly owned subsidiary, Midwest Vanadium.

Midwest Vanadium and Atlantic Vanadium Holdings were both subsequently put into receivership on February 11 this year.

As previously reported in Business News, the receivers in April appointed Gresham Partners to find a buyer for the Windimurra mine, a process that is expected to be complete in July.

The Windimurra site produced only 400 tonnes of vanadium in 2014, due to flooding in January of that year and then the plant fire.

The fire occurred while the crushing, milling, and beneficiation plant was undergoing planned maintenance.

Structural analysis of the damage to the plant had led to the decision to demolish and rebuild from the foundations, which Midwest Vanadium was in the process of completing when it was put into administration.

Atlantic acquired Midwest Vanadium in 2010, and now the latest chapter in the Windimurra’s tumultuous history is ending.

A series of owners — Precious Minerals Australia, Xstrata, Mineral Resources, and then Atlantic — all failed to get the mine to reach its potential.

Atlantic itself has stayed afloat due to a forbearance agreement with Droxford International and its possession of sufficient cash to meet its ongoing commitments.

Mr Harris had been chief executive since March last year, when previous managing director Michael Minosora resigned, before which he had served as chief operating officer of the company since October of 2012.