Kiernan quits Territory, India boards

Mining identity Michael Kiernan has quit the boards of several West Perth-based resource companies in a bid to reduce his workload and focus on embattled Monarch Mining Gold Company Ltd.

Iron ore miner Territory Resources Ltd has elevated deputy chairman Andrew Simpson to chairman while appointing Richard Elman, who founded and leads supply chain manager Noble Group, as a non-executive director.

Mr Elman has nominated Noble Group vice chairman Harry Banga as his alternate on the board.

Noble Group owns 70 per cent of Crawley Resources Ltd, which holds a 27 per cent shareholding in Territory Resources.

Mr Kiernan has also resigned from his deputy chairman role at India Resources Ltd and his non-executive director position at mineral sands miner Matilda Minerals Ltd.

Earlier this month Monarch suspended mining activities at its Davyhurst gold mine due to continued underperformance and trading of its shares have been suspended indefinitely as it re-negotiates a deal to purchase the Mt Magnet gold project with Harmony Gold (Australia) Pty Ltd.