ASA Resources appoints new board, management members to improve group structure

JOHANNESBURG (miningweekly.com) – Following the recent dismissal of its CEO and FD over alleged financial irregularities, Aim-listed ASA Resource Group, is further consolidating its structure.

This encompassed the removal of nonexecutive director Yuan Hu Ching, an appointee of China International Mining Group Corporation (CIMGC), and the appointment of Barry Dearing as an executive director, effective immediately.

Dearing, who currently serves on the board of seven other companies, has been a solicitor of the Supreme Court since 1971 and was granted faculty as a Notary Public in 1984.

He has been engaging with management, workers’ councils and officials in Zimbabwe throughout the “challenging period” facing the company and assisting in normalising conditions for sound operations.

“Dearing will enable continuity of restoration of a proper corporate governance structure within the group,” the company said in a statement.

Conrad Mukanganga has been appointed as assistant company secretary, with responsibility for the secretarial functions of Bindura Nickel Corporation (BNC) and Freda Rebecca gold mine (FRGM) plus administration of the group's other subsidiaries.

Mining plans at BNC have now been restored to those recommended by the local operational teams and supported by the BNC board.

Meanwhile, the group also consolidated its financial structure by appointing Jan Lampen as financial controller of both BNC and FRGM. Lampen has many years of experience at BNC and has also supervised FRGM in the past. He will support Carla Tate in her role as FD.

Group administration will now be concentrated in Zimbabwe at the ASA complex in Bindura, ensuring ease of communication between the group's executive team and the major subsidiaries.

"We have acted swiftly and decisively to protect and stabilise FRGM and BNC. Our job at group level is to support the teams at both mines from bottom to top. We may provide guidance and facilitate proper changes, but we will not interfere with day-to-day management.

“We have every confidence in our operational teams and look forward to supporting them in the months ahead. We have stopped the actions which were bleeding FRGM and undermining BNC,” said senior independent director Dr Scott Morrison.