03/12/2019 - 15:51

Metals X gets new chairman, MD to leave

03/12/2019 - 15:51

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Metals X has announced a sweeping board restructure after last week’s closure of the Nifty copper mine, with three directors resigning and APAC Resources nominee Brett Smith joining, just two months after he was rejected by the incumbent board.

Metals X gets new chairman, MD to leave
Recently appointed director Patrick O’Connor has been elected non-executive chairman, effective immediately.

Metals X has announced a sweeping board restructure after last week’s closure of the Nifty copper mine, with three directors resigning and APAC Resources nominee Brett Smith joining, just two months after he was rejected by the incumbent board.

Recently appointed director Patrick O'Connor has been elected non-executive chairman, effective immediately.

He replaces Simon Heggen, who has resigned as a director; Mr Heggen had been a director since 2012 and succeeded Peter Newton as chairman just five weeks ago.

Another long-serving director, YiMin Zhang, has indicated his intention to retire as a director.

In addition, managing director Damien Marantelli has resigned as a director effective yesterday but will remain for a period of transition as chief executive.

Hong Kong-based APAC Resources, which has a 15 per cent shareholding in Metals X, nominated Mr Smith as a director in October.

The incumbent board rejected his nomination, saying he did not have the background, experience and qualifications appropriate for the role.

At the time, Mr Marantelli also said the company was close to resolving the operational issues at Nifty.

The company said today that Mr Smith has over 30 years’ experience in natural resources, including precious and base metals, coal and iron ore.

Mr Smith is currently executive director of Dragon Mining, executive director of APAC Resources and non-executive director of Tanami Gold and Prodigy Gold.

Mr O’Connor said he looked forward to leading the board and management to improve the performance of the company.

“The board will immediately develop and communicate the future strategy to optimise the value of the company’s existing assets and work to have that value ultimately reflected in the company’s share price and in its returns to shareholders,” he said in a statement.

“With the difficult decision to suspend operations at Nifty Copper Mine made and the process of placing it on care and maintenance under way, the focus of the board now turns to reviewing the strategic options in relation to Nifty.

“The continued focus on the company’s 50 per cent joint venture stake in the world-class long-life Renison Tin Operation in Tasmania, Australia’s largest tin producer, is a foremost priority.”

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