- Mineral Commodities (MRC) announces board reshuffle as Chairman and non-executive director, David Baker resigns
- According to MRC, Mr Baker’s decision is due to personal reasons and the company thanked him for his contribution over the past two and a half years
- Non-executive director and recent acting CEO, Russell Tipper will step in as acting chairman
- CEO Jacob Deysel has been appointed to the Board and will take on the role of Managing Director
- Shares were trading 13 per cent lower at 10 cents
Mineral Commodities (MRC) has announced a board reshuffle as Chairman and non-executive director David Baker resigns.
The company said Mr Baker has made a significant contribution to the business over the past two and a half years and the decision to resign stems from personal reasons.
Non-executive director Russell Tipper will step in as acting chairman. Mr Tipper was recently acting CEO following a breakdown in the relationship between the Board and previous CEO Mark Caruso.
Jacob Deysel assumed the role of CEO in September and has since been appointed to the Board and will assume the role of Managing Director.
The mineral sands company is focused on producing zircon, rutile, garnet, magnetite and ilmenite concentrates through its Inland Strands deposit, located on the Western Cape of South Africa.
Last month, MRC updated the mineral resource estimate (MRE) for the Western Strandline at the deposit, which now reads 193.2 million tonnes at 9.5 per cent total heavy mineral (THM).
Additionally, the company released a maiden MRE for the Eastern Strandline at 19.5 million tonnes at 3.3 per cent THM. A maiden ore reserve is pending.
Company shares were trading 13 per cent lower at 10 cents at the end of the trading day.