Rare-earths project developer Mkango Resources Ltd (LON:MKA) has re-jigged its board with the appointment of three new non-executive directors while two are stepping down.
The three non-execs joining are finance and investor relations experts. Susan Muir has spent thirty-years in mining capital markets including most recently as investor relations vice president at gold miner Barrick. Sandra Du Toit is currently executive vice president with Standard Bank in South Africa, while Shaun Treacy is chief investment officer for private equity firm Arete Capital having worked at numerous investment banks.
Company secretary David Berg and another non-exec, Eugene Chen, will not stand for re-election at October’s AGM. Derek Linfield, the chairman, said the new directors broaden the company's international footprint and global network, following the transaction with Talaxis at the end of 2017.
Feasibility study
Talaxis, part of the Noble Group, will invest £12mln to fund a feasibility study at Songwe Hill in Malawi in return for a 49% stake in the rare-earths project. If it agrees to further funding Talaxis has an option to increase its stake in the project to 75%.
Mkango posted a loss of US$1.77mln (US$263,000) in the three months to June as it ramped up activity at Songwe Hill.