Three miners restructure leadership

Three struggling locally-based miners, including MZI Resources and Thundelarra, have announced the departure of their top executives.

Martin Purvis has resigned as the managing director of mineral sands miner MZI, effective immediately, after serving in the role since July 2017.

News of Mr Purvis’ departure sent MZI shares down 29.2 per cent, to trade at 1.7 cents each at 12.40pmAEDT.

Shares in MZI were trading above 50 cents per share in October 2015.

Mr Purvis joined the company after leaving Troy Resources following nearly three years as its managing director.

In a statement to the ASX, MZI said the board would appoint an interim replacement shortly, as the company seeks to sell its Keysbrook mineral sands mine.

Thundelarra announced its chief executive Tony Lofthouse will leave the company on April 30.

Mr Lofthouse has been the company’s chief executive since April 2012.

In a statement to the ASX, Thundelarra said it requires new leadership after the acquisition of the Abbotts gold project near Meekatharra.

The company said it has decided to shift its strategy from exploration for a large resource, to low cost development and cash flow from its recently expanded tenaments on the Garden Gully and Abbotts greenstone belt. 

The gold explorer also said Phillip Crabb will step down as the chairman of the company and be replaced by his brother Rick Crabb, while Philip Bruce was appointed as a non-executive director.

Shares in the company were trading at 22 cents each in July 2014, while they currently trade at 1.3 cents each.

Vital Metals announced on Friday its managing director Mark Strizek will leave the company, effective immediately, following the sale of the company’s tungsten assets.

Mr Strizek has been at the West Africa-focused base metals explorer for nearly 8 years.

Shares in Vital were trading at 4 cents each in May 2015, but currently trade at 0.8 cents each.