David Craig new chair of Moly Mines

Moly Mines has today appointed David Craig as its new chairman while director Kurt Talbot has ended his one-month stint on the board.

Mr Talbot was appointed to the board on April 16 as part of a $US150 million financing arrangement with Texas-based Trust Company of the West (TCW).

His appointment followed the resignation of previous chairman Paul Willis, who accepted an overseas position.

Mr Craig was a partner in law firm Parker & Parker from 1983 to 1992, specialising in resources and commercial legal advice, before joining Hartley Poynton.

He has also spent five years working in an executive positions with Woodside Petroleum in the field of public and government affairs.

Mr Craig's remuneration package will include 100,000 Moly options, exercisable at 40 cents each and expiring at the end of 2010.

The new appointment comes as Moly negotiates with owners for the acquisition of projects with cash-flow potential.

Managing director Derek Fisher told WA Business News that talks with project owners are still progressing.

The cash-flow from the new projects will be used to ease the company's debt pressures as a six-month deadline for a $US150 million loan looms.