Maravi

5 Equinox board members quit

5 Equinox board members quit
By Gift Chanda
Mon 06 June 2011, 04:01 CAT

FIVE Equinox Minerals board members resigned on Friday after the Competition and Consumer Protection Commission gave unconditional approval to Barrick Gold’s offer for the company.

The unconditional offer saw the Zambian government agreeing to sell its 2.28 per cent stake in Equinox Minerals Ltd to Barrick Gold Corporation for more than US $160 million at a time neighbouring Zimbabwe was trying to increase shareholding in its mining companies.

Co-founder and chief executive officer Craig Williams, as well as David McAusland, David Mosher, Jim Pantelidis and Tony Reeves stepped down from the board and were replaced by Barrick executives Rick McCreary, Jamie Sokalsky, Kelvin Dushnisky and Rob Krcmarov.

Equinox also announced the board would be reduced from seven directors to six.
Barrick made its C$7.3-billion offer for Equinox in April, trumping an earlier hostile offer from Hong Kong-based Minmetals Resources.

Equinox owns Lumwana Copper Mine in North Western Province and the Jabal Sayid copper/gold project in Saudi Arabia.

Labels: EQUINOX

posted by MrK @ 2:07 PM