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Forrest steps down from Poseidon board

27th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Mining personality Andrew Forrest has stepped down from his role as chairperson of nickel miner Poseidon Nickel.

Poseidon told shareholders on Friday that Forrest’s resignation was as a result of his overwhelming philanthropic duties.

In April last year, Forrest personally backed a A$20-million rights issue by the ASX-listed Poseidon, fully underwriting the offer through Forrest Family Investments.

Forrest Family Investments also provided Poseidon with an unsecured bridge loan of A$80-million to fund technical and funding activities while it raised cash to bring its Windarra nickel project, in Western Australia, to production.

The A$197-million Windarra project was expected to produce some 9 600 t/y of nickel in concentrate, and would have an initial mine life of ten years.

Edited by Creamer Media Reporter

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