01/05/2014 - 08:26

Mindax chops staff and directors

01/05/2014 - 08:26

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Perth-based mining and exploration company Mindax will reduce its board membership from six down to four as a part of a company restructuring effort designed to minimise costs.

Perth-based mining and exploration company Mindax will reduce its board membership from six down to four as a part of a company restructuring effort designed to minimise costs.

Founding chairman Gilbert George will retire effective May 31, with the board appointing current director Benjamin Chow AO as chairman upon Mr George’s leaving.

Managing director and chief executive Dr Stephen Ward has agreed to step down and leave the company at the same time.

The other existing directors will continue as board members, however most Perth-based staff including current chief financial officer Christopher Pougnault will also leave the company.

Mindax said the measures are a response to a period of very challenging economic conditions and uncertainty for junior explorers and project developers.

The company said the planned changes have the full support of its largest shareholders.

Discussions with Hong Kong-based Perpetual Mining will resume once a review of Mindax’s Mt Forrest iron project has been completed.

Perpetual had struck a deal to take a 51 per cent operational stake in the project in October last year.

Mindax shares are trading at 6 cents per share, as of 8:10am, WST.

 

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