A group of disgruntled Gunson Resources shareholders have commenced proceedings to remove managing director David Harley.
Gunson announced today that a group of shareholders representing a 12.4 per cent stake in the diversified explorer had requested a general meeting to consider removing Mr Harley as managing director.
The company said the meeting would be held within two months.
The move comes a week after Gunson announced that joint venture discussions with Korean steel giant POSCO for the Coburn zircon project fell apart, after an agreement could not be reached on commercial and financing conditions.
Gunson has spent 18 months conducting due diligence, engineering and optimisation studies for the Coburn project, located around 250 kilometres north of Geraldton.
It announced last week it would conduct a strategic review to consider alternatives to maximise shareholder value from the project.
At 10:15AM, WST, Gunson Resources shares had plunged 19.35 per cent, trading at 2.5 cents.