27/10/2011 - 13:09

Kopetjka quits Murchison

27/10/2011 - 13:09

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Murchison Metals founder Paul Kopejtka has left the company's board, less than four months after stepping down from the role of executive chairman.

Murchison gave no reason for Mr Kopejtka's departure, but thanked him for his contributions as founder and director in a short statement to the Australian Securities Exchange.

Mr Kopejtka stepped down from the role of chairman in July after a board shake-up in May.

At that time, new directors Peter Waso, Samantha Tough, current managing director Greg Martin and current chairman Ken Scott-Mackenzie joined the board.

Murchison revealed in July that the cost of its embattled Oakajee port and rail development had blown out to $5.94 billion and its Jack Hills mine expansion would cost $3.7 billion, a level of spending which could not be met through its arrangements with partner Mitsubishi.

The company is continuing to explore its options regarding funding arrangements and the ownership structure of Oakajee.

Murchison's stocks were up 3.7 per cent at 12:50PM (WST), trading at 27.5 cents.

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