Northern Minerals (ASX: NTU) has announced a board restructure, with the current 7 person board being trimmed to 5. Former Chairman Mr Yue Conglin and Former Deputy Chairman Mr Kevin Schultz have both elected to step down to concentrate on other business interests. Existing Non-Executive Director Mr Colin McCavana has been appointed as Non-Executive Chairman.
HIGHLIGHTS
- Board streamlined from seven to five following strategic review
- Mr Conglin Yue and Mr Kevin Schultz have stepped down to concentrate on other business interests
- Existing Non-Executive Director Mr Colin McCavana appointed as Non-Executive Chairman
Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) is pleased to announce that, following a strategic review, it has resolved to reduce the size of its Board of Directors from seven to five positions. While it was deemed appropriate to offer Board positions to strategic cornerstone investors, the size of the Board had grown to be larger than optimal for a Company of Northern Minerals’ size.
Former Chairman Mr Conglin Yue and former Deputy Chairman Mr Kevin Schultz have both offered to step down from the Board to concentrate on their other business interests.
Mr Yue joined the Board in July 2013 and was appointed Chairman in October 2013. Mr Yue is CEO and Chairman of Australia Conglin International Investment Group Pty Ltd (ACIIG), the largest shareholder in Northern Minerals. ACIIG will continue to be represented on the Board by Ms Yanchung Wang as a NonExecutive Director and Mr Bin Cai as an alternate to Ms Wang.
Mr Schultz is a founding director on Northern Minerals, having served on the Board for more than 10 years. During this period, the Company has transformed from a uranium-focused explorer through to a rare earths development company, and near-term dysprosium producer. Mr Schultz’s experience and leadership as Chairman and Deputy Chairman of the Company were instrumental in the Company’s corporate development to date.
Following the restructure, ACIIG (29.1%) and Huatai Mining (22.6%) will each have one nominee on the revised five-person Board.
Colin McCavana is a founding board member of Northern Minerals and has been appointed non-executive chairman. Mr McCavana noted the significant contributions that both Mr Yue and Mr Schultz had made to the Company over many years of service.
“As we approach the Final Investment Decision for the Browns Range Pilot Plant Project, we are indebted to Mr Yue and Mr Schultz, as the progression of the project will in no small part reflect their contributions. We wish them well with their future endeavours,” Mr McCavana said.
