Black Mountain Resources - Director Appointment
Black Mountain Resources (ASX: BMZ) has announced the proposed appointment of experienced South African businessman, Mr Valentine Chitalu, as a Non-Executive Director on the Board, post acquisition of the Namakera Vermiculite mine in Uganda and shareholder/regulatory approval. Mr Chitalu is Chairman of Phatisa, a $300m PE fund manager, as well as serving on the Board of CDC Group, the UK Govt owned Development Finance Institution, and as a technical advisor to the World Bank.
Black Mountain Resources Limited (ASX:BMZ) (Black Mountain or the Company) announces that Mr Valentine Chitalu has agreed to join the Board as a Non-Executive Director of the Company, subject to the Company completing its acquisition of the producing and exporting Namakera Vermiculite Mine and Busumbu Phosphate Project in Uganda.
Mr Chitalu is a highly respected African businessman and entrepreneur who has over 20 years’ specialisation in private equity and local private sector development in Africa, with further experience in the fields of privatization, merchant banking, corporate finance, accounting, auditing, development economics, capital markets and business development in transitional economies.
Mr Chitalu holds several board positions in Zambia, Australia, South Africa and the United Kingdom. He is currently Chairman of Phatisa Group, a US$300 million private equity fund manager, focussing on the agriculture and housing sectors in Sub-Saharan Africa. He is also Chairman of MTN (Zambia) and SABMiller (Zambia) and has been a non-executive Director of ASX-listed African Energy Resources Limited since 2006.
In 2010 Mr Chitalu was appointed to the Board of the CDC Group, the UK’s Development Finance Institution wholly owned by the UK Government. It is the world’s oldest DFI with a history of making successful investments in businesses which have become industry leaders thereby having enormous impact on the private sector in their country and region. Mr. Chitalu has previously served as the Chief Executive Officer of Zambia Development Agency and the Zambia Privatisation Agency, where he oversaw the disposal and privatisation of 240 businesses. He was previously chairman of the Zambia Venture Capital Fund and board member of Commonwealth Africa Investments. He also serves as a Member of the Technical Advisory Panel of the Public Private Infrastructure Advisory Facility of the World Bank.
Mr. Chitalu is a Fellow of the Chartered Association of Certified Accountants in the United Kingdom and holds a practicing certificate from the Zambia Institute of Certified Accountants. He holds a Master's degree in Development Economics from Cambridge University, a Master's degree in Finance and Politics of Development and Bachelor's degree in Accounting and Finance.
With technical, legal and financial due diligence on the Namakera Vermiculite Mine and Busumbu Phosphate Project completed by the Company and its consultants and key conditions precedent already satisfied, including the execution of a binding Share Sale Agreement and Deed of Assignment of Debt, it is proposed that Mr Chitalu will join the Board upon the Company obtaining all necessary shareholder and regulatory approvals pursuant to the ASX Listing Rules, Corporations Act 2001 (Cth) and other applicable law or regulations. A notice of meeting to its shareholders seeking the relevant approvals to proceed with the proposed acquisition is currently being prepared and will be announced shortly.