New Baraka directors address ‘long-suffering shareholders’
The new directors of troubled Baraka Energy & Resources have put out their first company update promising change.
“For the long suffering BKP shareholders, we have heard your call for change and for greater transparency in respect of BKP’s operations and the use of your invested funds,” the company said.
A board meeting is scheduled for later this week to discuss a “clear path forward” for Baraka.
On the agenda will be ways to cut costs, a review of the company’s projects, contractual relationships and the structure of its iron sands project, and improving the transparency surrounding company funds.
Baraka has two projects.
The five-year legal battle for the Philippine iron sands only wrapped up last year, and the Northern Territory only lifted a fracking moratorium this year, enabling Baraka to start fracking its South Georgina Basin permit zones.