NEW YORK Moly Mines Ltd.
will replace four members of its board of directors, including
Liu Han, chief executive officer of majority shareholder
Sichuan Hanlong (Group) Co. Ltd.
Liu will be replaced as a
director by his current alternate, Nelson Chen, at Moly
Mines annual general meeting May 31. The company said
last month it was "seeking clarification from Hanlong" after
Liu reportedly was detained by authorities in China (
amm.com, March 20).
Perth, Australia-based Moly
Mines also will replace the three current independent directors
with new independent directors during the six months following
the annual meeting. The company said it has engaged an
international recruitment firm to find appropriate
"Hanlong has advised (Moly
Mines) that it maintains its support for (the companys
mergers-and-acquisitions) strategy," Moly Mines said. "Although
it is unlikely that Hanlong will be in a position to directly
financially support an acquisition or project development by
the company in the near future, Hanlong would seek to assist
the company to secure finance from Chinese banks and other
Chengdu, China-based Hanlong
holds a 56.8-percent stake in Moly Mines, according to
AMM sister publication Metal Bulletin.
Moly Mines operates an iron ore
mine in Western Australia and had been developing a
molybdenum-copper mine in the same region before it was put on
hold in 2011 due to challenging economic conditions (
amm.com, Dec. 29, 2011).