The Directors of Chinalco Yunnan Copper Resources Limited have pleasure outlining the path forward for the Company.
CYU continues to maintain the full support of its major shareholder, Chinalco, which holds 43% of the issued shares following its recent underwritten rights issue. Chinalco is committed to the success of CYU and intends to see it develop into a successful diversified exploration and mining company.
Strategy - The strategy of CYU is to increase the wealth of its shareholders through the careful utilization of its resources and relationship with Chinalco. The strategy has a twofold approach:
1. Focus on the development of key existing exploration and advanced projects. A focus on Chile to expose investors to exploration upside and for the advanced Mary Kathleen JV in Queensland, encompassing the Elaine Project, which offers excellent upside potential including future resource upgrades.
2. Acquire or invest in near production resources where the full capabilities of Chinalco can be efficiently and effectively utilised.
Board And Management Changes;
1. Mr Jason Beckton has tendered his resignation as Managing Director of CYU from 1st January 2013 and will become a Non Executive director.
2. Mr Norm Zillman advised he would step down from the Board effective immediately.
Mr Zhihua Yao chairman of CYU said that “The directors of CYU wish to thank Norm and Jason for their long term service and contribution to the Company. I believe that our new two pronged focus offers CYU shareholders an excellent opportunity to see growth in the value of their investment. Chinalco’s support means that resource opportunities that would not normally be available to CYU can now be accessed.”
Mr Richard Hatcher Exploration Manager will be appointed as an Executive Director of the Company effective immediately. Richard has served CYU for four years and has 18 years experience in gold, base metals, diamond, petroleum and lateritic nickel exploration and project development in Australia, the South Pacific, New Zealand and Central America.
In addition Mr Zewen Yang, will temporarily expand his existing Executive Director role and will assume the position of Acting Chief Executive Officer while the Board seek a suitable person to replace Mr Beckton. The remainder of the CYU executive team will remain in place with a recent promotion of Mr Matthew Price to the position of Country Manager Chile.
As part of the new focus all early stage exploration projects held by CYU are being reviewed to assess their commercial and geological risk reward attributes. CYU is seeking to strengthen its Board and management team through the appointment of a new Managing Director with broad corporate, merger and acquisition experience in the resource sector.
