Andrew Forrest's Niagara Mining Ltd, soon to be renamed Poseidon Nickel Ltd, has recruited former Clough Ltd managing director David Singleton as its new chief executive officer.
Andrew Forrest's Niagara Mining Ltd, soon to be renamed Poseidon Nickel Ltd, has recruited former Clough Ltd managing director David Singleton as its new chief executive officer.
Mr Singleton's appointment continues the rapid transformation of the business since it announced in April that Mr Forrest would take over as chairman.
Shareholders today approved a series of resolutions, including the change of name to Poseidon Nickel, the appointment of Mr Forrest as a director, and the issues of shares and options to Mr Forrest and other directors.
Niagara's new board members include former Alinta executive Chris Indermaur and Ventnor Capital's Richard Monti, who previously worked with Mr Forrest at Anaconda Nickel.
Since April, Niagara has negotiated a nickel marketing agreement with Mr Forrest's iron ore miner Fortescue Metals Group Ltd and recruite chief operating officer Robert Dennis and general manager geology Neil Hutchison.
Mr Singleton told WA Business News that Mr Forrest's reputation as a "big thinker and a major player" in the minig industry was crucial to his decision.
"I would only have joined if it had that kind of startegy," he said. "Our intention is to be one of the major nickel producers in Western Australia."
Mr Singleton said Niagara was evaluating several nickel projects. These include reopening an open pit nickel mine, developing an old underground mine, which will soon be dewatered, and processing of nickel oxides using new technology.
Niagara is also planning an expanded drilling program.
"Any one of these projects would more than justify the value of the company," he said.
Niagara shares are trading at about $1.08 after tcketing from 22 cents in late March.
A Niagara announcement is pasted below:
Niagara Mining Limited (ASX: NIA) is pleased to announce to shareholders that Mr David Singleton has accepted the role of Chief Executive Officer.
Mr Singleton will take up his role immediately after the shareholders meeting on the 2ndJuly 2007.
Mr Singleton was the CEO and MD of Clough Limited between August 2003 and January 2007. Prior to that he was the Group Head of Strategy Mergers and Acquisitions for BAE Systems (formally British Aerospace) in London and prior to that the CEO of Alenia Marconi Systems and was based in Rome, Italy.
Mr Singleton will be paid a fixed salary and an annual bonus based on meeting performance standards as set by the board. In addition Mr Singleton has agreed to purchase 2 million shares in the Company at an issue price equal to the VWAP for Niagara shares over the last 5 trading days. Niagara will issue a further 2 million options to Mr Singleton at the same price subject to certain share price hurdles.
