ENK says non-exec McManus retiring from the board today
John McManus, non- executive director of nickel miner ENK (LON:ENK, ASX:ENK), is retiring from the board today.
The firm said
Canadian-based mining engineer McManus was leaving because of other business
commitments.
The structure of the board now comprises three
non-executives and two executives, it added.
Last month, ENK, which is focused on the Philippines, said the money it raised
from the sale of its Caldag mine in Turkey will be crucial to develop its
flagship Acoje mine.
ENK sold Caldag in September for $40 million and chief executive Rob
Gregory told Proactive Investors that this meant management could now focus
solely on getting Acoje built.
“A key tenet of mining is not to dilute
shareholders. By having this money we can get news out, get the work done on the
feasibility study and work towards getting strategic offtake arrangements. As
we do all of that the share price will follow.”
Gregory said deals with
strategic partners were another key plank of the plan as Acoje is very amenable
to project finance through forward sales and off-take agreements.
In the
group’s interim statement, also last month, the firm said it hoped to announce a
new JORC resource for Acoje soon, along with new economics for the project.
The key BFS is also on track for completion in the second quarter of
2012. The firm plans to start building work on the site soon after the BFS is
complete.
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