Northern Minerals Board changes
October 14, 2013 (Source: Northern Minerals) — Highlights:
- Mr Conglin Yue appointed as Executive Chairman of the Board
- Former Chairman Kevin Schultz to remain on the Board as Deputy Chairman
- Ms Yanchun Wang appointed as non-executive director, being the second representative for Australia Conglin Investment Group (ACIIG)
Northern Minerals (ASX: NTU) is pleased to advise a number of changes to its Board, including the appointment of Conglin Yue as Executive Chairman.
Former Chairman Kevin Schultz will remain on the Board as Deputy Chairman. The changes will take effect immediately.
Mr Yue is the Chairman and CEO of Australia Conglin International Investment Group (ACIIG), Northern Minerals’ largest shareholder and a long term supporter of the Company and its plans for the Browns Range Heavy Rare Earth (HRE) project in Western Australia. Mr Yue joined the Board in July 2013.
Mr Schultz said the appointment of Mr Yue as Executive Chairman would allow Northern Minerals to better leverage his expertise and networks in Asia.
“Mr Yue and ACIIG have been supporters of Northern Minerals for many years – and this commitment was reinforced with their recent backing of our funding initiatives,” Mr Schultz said.
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“His knowledge and relationships in Asia have already delivered significant value to our business, and as Executive Chairman we believe we can enhance this value further,” Mr Schultz said.
Mr Yue said he was pleased to accept the role as Executive Chairman, and his priority remained advancing the Browns Range Project to deliver value for all shareholders.
“The Board and Management of Northern Minerals are doing an outstanding job in developing Browns Range, and I look forward to working with them through the next phase to take the project through to production,” Mr Yue said.
Mr Yue said the changes to the Board would not alter the current executive roles and responsibilities undertaken by Managing Director and CEO George Bauk.
“The Board and I are fully supportive of the current development strategy and the team that is in place to deliver it. It is also pleasing to have Kevin Schultz remain as Deputy Chairman, as he has a vast level of industry experience, and particular knowledge of the Browns Range project.”
Northern Minerals is also pleased to advise the appointment of Ms Yanchun Wang as a Non-Executive Director, as the second ACIIG representative on the Board. Ms Wang acts as a strategic investor for a number of Chinese based companies. Ms Wang is a Vice Chairman of Conglin Baoyuan International Investment Group and also a Director of Huachen.
Mr Bin Cai will serve as an alternate director for both Mr Yue and Ms Wang. Mr Cai is the Managing Director of ACIIG, and has significant expertise in the finance and resource industries.
The appointment takes the total number of directors on the Board to six.
About Northern Minerals:
Northern Minerals Limited (ASX: NTU) is focused on development of rare earth elements (REE), with a large and prospective landholding in Western Australia and the Northern Territory. The Company’s flagship project is Browns Range, where it has a number of prospects with high value HRE in xenotime mineralisation. In particular, the mineralisation includes high levels of dysprosium and yttrium, which are in short supply globally and expected to be increasingly sought after as world economies stabilise and recent trends in urbanisation and technology diffusion, particularly in Asia, accelerate. Following outstanding results from its drilling and metallurgical programs in 2012, the Company has delivered its maiden JORC resource, advancing Browns Range toward production, using a relatively simple and low cost processing flowsheet to produce a high grade mixed Rare Earth oxide. Northern Minerals also has a HRE exploration program underway at the geologically similar John Galt project. For more information www.northernminerals.com.au
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