10/04/2013 - 14:31

Moly Mines to drop directors

10/04/2013 - 14:31

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China’s Hanlong Mining Investments has been successful in its bid to ditch three independent directors from the board of Perth-based gold, copper and molybdenum miner Moly Mines.

Moly announced to the ASX today that three independent directors, believed to be chairman Michael Braham, David Craig, and David Nixon, would be replaced progressively in the six months following the company’s annual meeting on May 31.

The board of directors has appointed an international recruitment firm to find suitable candidates.

Also, director Liu Han will be replaced by alternate Nelson Chen at Moly’s annual meeting.

Moly said Hanlong remained supportive of its merger and acquisition strategy.

“Although it is unlikely that Hanlong will be in a position to directly financially support an acquisition or project development by the company in the near future, Hanlong would seek to assist the company to secure finance from Chinese Banks and other sources,” Moly Mines said in a statement.

“The company will maintain the focus of its merger and acquisition strategy on near-term production opportunities.”

Today’s announcement caps a busy week for Hanlong, which saw its $1.3 billion takeover deal with Sundance Resources officially collapse on Monday.

At close of trade today, Moly Mines shares were up 4.55 per cent, trading at 11.5 cents.

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