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LONDON (Alliance News) - Strategic Minerals PLC said Tuesday that Executive Chairman James Fyfe and non-executive Director George Cardona have both resigned with immediate effect.
The magnetite iron-ore producer and exploration company with operations in the US said that Julien McInally, a non-executive Director of the company, will assume the role of Executive Chairman on an interim basis to replace Fyfe.
It said it looks to appoint a non-executive Chairman as soon as possible.
"The company will continue to evaluate its board structure with the view to securing further mining expertise on the board, however, the Company is well served by Mr McInally, Mr Hobbs and Mr Griffiths, all of whom have significant resources experience," the company said in a statement.
Strategic Minerals appointed McInally and Lyle Hobbs as directors of the company earlier this month. At the time, it said that McInally will assume executive responsibility for the company's interests in Australia, and Hobbs will take on executive responsibility for the company's interests and operations in the North America.
Strategic Minerals said it has sold 68% of its prior year's domestic sales tonnage in the first four months of this financial year.
"With the ramp up of domestic sales the business is well placed to progress the strategy of acquiring additional opportunities for the portfolio and build the value proposition for shareholders," said interim Executive Chairman McInally.
Strategic Minerals shares were up almost 4% at 0.572 pence Tuesday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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