JOHANNESBURG (miningweekly.com) – AltX-listed Mine Restoration Investments (MRI) is advancing a board restructuring drive that is aimed at gearing up expertise and experience in mining and resources, given the company’s short- to medium-term focus on the production of coal briquettes.

The restructuring had thus far seen the resignation of several nonexecutive directors who were part of the company prior to the acquisition of Western Utilities Corporation, with the most recent resignation being that of CEO Jaco Schoeman.

“I am pleased with the progress made to date and the status of the project and am comfortable with and confident in the foundation from which the project will perform and grHow.

“I no longer have sufficient time to manage and grow the project, given my outside responsibilities, as best as I would like and have faith in the team that remains,” Schoeman said in reference to the company’s developing coal briquetting project, in Vryheid, KwaZulu-Natal.

The outgoing MRI head would be replaced by nonexecutive director Richard Tait, effective November 15, until the company had selected a suitable candidate to spearhead the long-term growth of the company.

MRI said Tait had the “relevant” mining experience, having worked for Anglo American in Mali and South Africa early in his career, as well as having managed investment firm GEM Raintree’s stake in mining company RioZim, in Zimbabwe, from 2012 until earlier this year.

He also had significant investment banking experience, having worked for Goldman Sachs and Credit Suisse First Boston in the UK and Australia respectively, and then for Standard Bank in South Africa and Mauritius.

To further strengthen the mining and resources experience of the board, MRI appointed Bauba Platinum CEO Syd Caddy as an independent, nonexecutive director, with immediate effect.  

Caddy boasted over 40 years of South African gold, uranium and base metal experience in both shallow and ultradeep-level mining environments, having carried the GM appointments for the Black Mountain, Kloof and West Driefontein mines.

He had also been appointed to various positions within JCI, First Uranium and Gold One, including those of consulting engineer, COO and MD.