VANCOUVER (miningweekly.com) – Platinum-group-metals-focused Eastern Platinum (Eastplats) on Monday advised that it had appointed president and CEO Diana Hu to its board following the resignation of Peter Clausi.
Hu, said to have 20 years’ experience in the global mining and metals industry, was last week appointed as CEO.
TSX- and JSE-listed Eastplats’ management team was overthrown in early July by dissident shareholders a day after announcing a transaction by the company’s former management regarding the sale of its flagship Crocodile River mine, with new management launching a probe. Another day later the new management found that the acquisition had been completed and the amount of about $13.37-million had been paid out.
A statement on Thursday noted that the new management were reviewing all related transactions and would update shareholders in due course.
In a separate filing on Thursday, KA AN Development Company, the Hong Kong-based investor that led the boardroom coup, announced that it had built its shareholding in Eastplats to almost 25%. KA AN said it had paid Harrington Global Opportunities Fund $9.5-million on August 5 for a block of shares that took its shareholding of 13.79% in Eastplats to 23.89%.
The company’s TSX-listed stock had fallen more than 13% in the past 30 days to C$0.80 apiece on Monday.