Moly Mines independent directors understood to be target of Hanlong-engineered board spill. Source: AAP
MOLY Mines says its directors are in discussions with majority shareholder Hanlong Mining regarding the future composition and structure of the board of the gold, copper and molybdenum miner.
In a short statement issued after the close of share market trading, Moly Mines said Hanlong also confirmed that China EXIM Bank had not repossessed its shareholding in the miner, contrary to a media report on Tuesday.
The statement also referred to a report in Tuesday's West Australian newspaper that said Hanlong, with a 54 per cent shareholding, was seeking to remove Moly Mines' independent directors from the board.
The three independent directors - chairman Michael Braham, David Craig, and David Nixon - are understood to be the targets of a spill, which is likely to coincide with the company's annual meeting next month.
The statement comes a day after Africa-focused iron ore hopeful Sundance Resources terminated its $1.3 billion takeover proposal with Hanlong.
In December 2012 Moly Mines conducted a review of its merger and acquisition strategy in consultation with Hanlong.
Hanlong advised the Perth-based miner at the time that it maintained its support for Moly Mine's acquisition strategy and would be in a position to financially support an acquisition or project development from the second half of 2013.
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