(Alliance News) - Pathfinder Minerals PLC on Wednesday said Non-Executive Chair Dennis Edmonds has left the board immediately, replaced by a new executive director.
The Mozambique-focused natural resources company, with licences to mine heavy minerals sands, said Paul Barrett will join the firm as an executive director, joining Non-Executive Director Mark Gasson as the two board members. Barrett is a director of Southwind Corp, which is developing a rare earth-enriched phosphate project in the US.
Chief Executive Peter Taylor, who isn't on the board, will stay at Pathfinder until the completion of the sale of IM Minerals Ltd to Acumen Advisory Group LLC, it said.
Earlier this year, Pathfinder agreed to sell subsidiary IM Minerals, together with the rights to bring a claim against the Mozambique government for expropriation of a mineral concession, for an initial GBP1 million, plus a contingent payment of the greater of USD30 million or 25% of the claim settlement.
Pathfinder shares were up 2.2% to 0.56 pence each on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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Pathfinder Minerals (PFP)