Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU) has revealed a shake-up of its board composition, with Huatai Mining representative Nan Yang resigning as a non-executive director effective immediately. His post will be filled by Ming Lu, a CPA-qualified senior finance leader with over a decade of commercial experience in successful multinational businesses worldwide. He is also a member of the Australian Institute of Company Directors. Mr Lu’s appointment will be on a casual basis until next month’s company AGM, where he will seek election as a director.
Mr Nan Yang has resigned as a Non-Executive Director, effective immediately.
Mr Ming Lu appointed as a Non-Executive Director, filling a casual vancancy.
Australian heavy rare earths producer, Northern Minerals (ASX: NTU) (the Company) is pleased to announce the following changes to its Board of Directors.
The Company has accepted the resignation of Mr Nan Yang as a Non-Executive Director of the Company, effective immediately. Mr Yang joined the Board in November 2016 as a nominee of Huatai Mining Pty Ltd (Huatai), the Company’s second largest shareholder. As Mr Yang has ceased employment with Huatai, he has decided that it is not appropriate for him to remain on the Board.
Following Mr Yang’s resignation, the Company has appointed Mr Ming Lu as a Non-Executive Director, filling a casual vacancy caused by Mr Yang’s resignation. In accordance with the Company’s constitution, Mr Lu will seek election as a Director at the Company’s upcoming Annual General Meeting. Mr Lu has been appointed to the Board as a nominee of Huatai.
Mr Lu is a CPA qualified senior finance leader with over a decade of commercial experience in successful multinational businesses worldwide and is a member of Australian Institute of Company Directors. He has extensive experience in working with investors, the board and senior executive teams in modelling, setting up strategic goals, providing financial support and delivering returns.
Throughout his career as a finance professional, he has had hands on experience in leading finance functions in multinational businesses worldwide; and gained versatile industry experience in manufacturing, engineering and R&D, education, mining services and private equity. Mr Lu has a diverse corporate background spanning privately owned SMEs, private equity backed ventures to listed public listed companies and Fortune 500s. Northern Minerals’ Chairman, Colin McCavana, said
“I am thankful for the contribution that Nan has made to the Company over the past two years, during what has been a transformative period for the Company. I wish him well in his future endeavours.
“We welcome Mr Lu to the Board and look forward to the positive contribution that we expect he will make.”
An Appendix 3Z relating to Mr Yang and Appendix 3X relating to Mr Lu is available in the full announcement.