Andromeda Metals Ltd (ASX:ADN) has sent two of its executives to sit on the board of investee and merger partner Minotaur Exploration Ltd (ASX:MEP).
Managing director James Marsh and chief financial officer Michael Zannes will occupy casual vacancies on the MEP board.
The move comes after Andromeda and Minotaur announced they would join forces to create an Australian kaolin/halloysite and technology company in November.
Through the union, both parties will consolidate 100% ownership of the Great White Kaolin Project and Natural Nanotech into Andromeda.
In turn, Minotaur announced it would demerge its existing copper and gold exploration assets through its subsidiary, Breakaway Resources Pty Ltd.
Outgoing Minotaur chair Dr Roger Higgins ushered in the new appointments in a market announcement on Friday.
“The incumbent directors are pleased to welcome representatives of the company’s new major shareholder to help steer the transition to a wholly Andromeda appointed board when the current directors retire on February 28, 2022,” he stated.
“The merger process has proceeded very smoothly with cooperation between the two companies benefiting all shareholders of the enlarged Andromeda company.
“The outgoing directors wish Andromeda’s board every success in delivery of value to shareholders through the Great White Kaolin project.”
About Andromeda
Andromeda is an Australian company with a vision to supply the world with superior quality industrial minerals, starting with halloysite-kaolin.
Currently, Andromeda and Minotaur are in the final stages of securing approvals from the South Australian Government Department for Energy and Mining (DEM) to develop the Great White Kaolin Project.
The DEM has approved a mining proposal for the site, which includes a mining lease for the mine, a processing plant and supporting infrastructure and as well as two miscellaneous purposes licences (MPLs) for an access road to the ML and a water supply pipeline from Poochera. The approval sets the conditions for our operation.
Great White boasts a mine life of more than 25 years, a 34.6-million-tonne mineral resource, will cost around $102.4 million to get up and running and is on track to create 75 jobs.