RMA Energy (ASX: RMT) has appointed Qin Weihong to the helm with Qin moving to the managing director position after being an executive director for almost a year.
RMA is 59.04% owned by CREC Resources (Aust) Pty Ltd, a wholly owned subsidiary of China Rail Group Limited (SHA: 601390), a PRC incorporated company listed on Hong Kong and Shanghai Stock Exchanges.
Qin was the key person in helping RMA raise $8.6 million from a Rights Issue at the end of 2012,
and he will be tasked with growing the mining asset base.
Qin holds a Ph. D degree in law and has held qualifications as a lawyer, accountant and broker in China, with more than 13 years' experience across various sectors with major companies such as Chinalco and China Railway. He is currently a Director of CREC Resources (Aust) Pty Ltd and CRRC Investment Ltd.
RMA's recent activities include exploration drilling of the Bulburram Coal Project in central western Queensland, with the program including close to 3700 metres of reverse circulation drilling across 53 holes.
Intercepted coal thicknesses ranged from around 0.25 metres to 8.75 metres, with an average thickness of 3.50 metres. The depths of coal intercepted in the drilling ranged from 15 to 30 metres down hole.
RMA had around $2.5 million in cash at the end of March 2013.
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