TORONTO (miningweekly.com) – Following the immediate appointment of three independent directors to Canadian alumina producer Orbite Aluminae’s board, the company’s TSX-listed shares on Tuesday jumped more than 28% in value to make up some of the ground it had lost since the start of the year.
Orbite announced that Peter Crossgrove, Pascal Decary and Claude Lamoureux had joined the board and would be up for shareholder election at the company’s annual general meeting (AGM) on June 20.
"The collective experience we are adding to our board will strengthen Orbite on multiple levels,” chairperson Lionel Leveille said.
Lamoureux’s nomination was expected to strengthen the board's capital market acumen and showed Orbite’s commitment toward improving its corporate governance practices.
Crossgrove's depth and breadth of management experience within the resources industry were believed to be invaluable as the company moved ahead with its projects.
Decary was an experienced voice in the clean-technology space and environmental services, as well as in international environmental regulations, which were areas that Orbite believed held great potential.
Nine directors, including the three new nominees, would be proposed at the AGM.
Orbite had also appointed Glenn Kelly as its executive VP and COO earlier this month.
Orbite’s TSX-listed stock had lost 73% of its value since the start of the year and on Tuesday traded at C$0.93 apiece.