06/05/2013 - 13:38

Tony Sage steps off three boards

06/05/2013 - 13:38

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Prominent Perth business identity Tony Sage has continued to scale back his commitments, today announcing his resignation from oil and gas explorers African Petroleum and International Petroleum, following his retirement from International Goldfields late last week.

Mr Sage’s resignation from the deputy chair position at African Petroleum and as chairman of International Petroleum will take effect from June 30

African Petroleum said Mr Sage would focus his attention on his role as chairman of Cape Lambert Resources, as well as a small number of other board positions.

Late last week, Mr Sage announced he would step down as International Goldfields chairman, with immediate effect.

He was a founding board member and played a significant role in the company’s development, International Goldfields said.

Mr Sage has looked to reduce his board postings since he underwent a minor heart operation earlier this year, but has stopped short of stepping down from Cape Lambert.

Cape Lambert has been selling off non-core assets over the past few months, including the $14.75 million sale of its Leichhardt copper project in Queensland, and the sale of a royalty held over the Mayoko iron ore project in the Republic of Congo.

The company is also considering the sale of other assets, including the advanced state Marampa iron ore project in Sierra Leone.

At 1:30PM, WST, African Petroleum’s stock on the National Stock Exchange was steady at 15 cents, while Cape Lambert shares were down 3.3 per cent at 14.5 cents.

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