The company developing Vietnam’s Ban Phuc nickel project, Asian Mineral Resources (AMR), has announced changes to its board and management team. Jan Castro has been appointed non-executive chairman of the board, replacing Bill Howell who will continue as a non-executive director of the company. Michael Brown will replace Chris Castle as interim chief executive officer and president.
“We look forward to working in partnership with the government of Vietnam and the people’s committee of Son La province to advance the Ban Phuc nickel project, which will result in substantial investment and employment opportunities in Son La planned for the end of May 2012,” says Jan Castro.
“The board and management are focused on re-starting construction and dedicated to working with the Government, local communities and other stakeholders to bring the Ban Phuc nickel project into production and realize the full potential of the project. The board wishes to thank Bill Howell and Chris Castle for their continuing commitment to the corporation and for their work as chairman and interim chief executive officer and president respectively,” he says.
The Ban Phuc project is northwest of Hanoi. Construction at the site was suspended in 2008 as a result of the global financial crisis and associated decline in metal prices. AMR has since been raising funds to complete the project, and by the end of 2011 earthworks were complete and 80% of the concrete works installed. However, the company requires additional investment to allow production to begin.
A consultant has been engaged to explore the funding options including equity and debt financing, strategic partnerships and recapitalization.
In June 2010, AMR announced a 40% measured and indicated increase in the contained nickel within the massive sulphide deposit at the site.
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