Consolidated Zinc directors plot to oust ‘Nigel No Friends’ from board
Consolidated Zinc’s board has moved to oust fellow director Luis Rogelio Martinez Valles.
“Consolidated Zinc announces that it has received a notice from each of the directors of the company, other than Mr Luis Rogelio Martinez Valles, of their intention to move a resolution to remove Mr Luis Rogelio Martinez Valles as a director of the company at the next general meeting,” the company told shareholders on Tuesday.
Ouch. Stockhead has contacted Consolidated for comment.
The move follows last week’s exit of the $10 million minnow’s (ASX:CZL) managing director, William Dix, and the appointment of a new technical director.
Last week, Consolidated Zinc named Eduardo Valenzuela as technical director effective from January 22.
Mr Valenzuela, a mining engineer, has served on the boards of ASX listed companies such as Sundance Resources, Southern Hemisphere Mining and Lithium Australia.
Consolidated Zinc is currently working to re-establish expanded production at its 51 per cent-owned Plomosas zinc mine in Mexico.
A scoping study released in October last year focused on mining the Tres Amigos resource using existing infrastructure.
Tres Amigos hosts a resource of 544,000 tonnes grading 11.2 per cent zinc, 2.1 per cent lead and 13.9 grams per tonne silver.
Recent drilling at the Tres Amigos North prospect returned thick intersections of massive sulphide mineralisation outside of the current resource.
Consolidated burned $2 million in the September quarter leaving about $1 million in the bank. The company underwent a $2 million capital raising in December.
Consolidated Zinc’s share price did not move on the news, closing Tuesday at 1.4c.