Post by
TELEMARKER on Jan 15, 2014 5:08am
Mineweb
Mirabela Nickel chairman and board members walk
Author: Alex Heber
Posted: Tuesday , 14 Jan 2014
SYDNEY (Australian Mining) - >
Mirabela Nickel’s chairman Geoff Handley and fellow board members Colin Steyn and Peter Nicholson have handed in their resignations over the weekend.
The Perth-based miner has announced non-executive director of Kasbah Resources, Minemakers and Swick Mining Services, Ian McCubbing will step into the non-executive chairman position.
Non-executive director Nick Sheard is also assuming the role of audit committee chairman and Ian Purdy remains Mirabela’s managing director.
In December the nickel miner revealed it had secured a $US45 million loan from a consortium of the company’s $US395 million 8.75 per cent senior unsecured notes which will be due in April 2018.
Mirabela said the loan will provide it will sufficient liquidity to sustain its business operations in the interim as it continues its attempts to secure a longer term financing deal.
Shares in the troubled miner were last traded on October 4 at 1.6 cents, falling 97 per cent throughout 2013.
The embattled miner has been struck by low nickel prices and production problems at its Brazilian operations.
Article published courtesy of Australian Mining. For more daily news and comment on Australia's mining sector click here.