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Mirabela’s board members walk

Editorial
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Mirabela Nickel’s chairman Geoff Handley and fellow board members Colin Steyn and Peter Nicholson have handed in their resignations over the weekend.

The Perth-based miner has announced non-executive director of Kasbah Resources, Minemakers and Swick Mining Services, Ian McCubbing will step into the non-executive chairman position.

Non-executive director Nick Sheard is also assuming the role of audit committee chairman and Ian Purdy remains Mirabela’s managing director.

In December the nickel miner revealed it had secured a $US45 million loan from a consortium of the company’s $US395 million 8.75 per cent senior unsecured notes which will be due in April 2018.

Mirabela said the loan will provide it will sufficient liquidity to sustain its business operations in the interim as it continues its attempts to secure a longer term financing deal.

Shares in the troubled miner were last traded on October 4 at 1.6 cents, falling 97 per cent throughout 2013.

The embattled miner has been struck by low nickel prices and production problems at its Brazilian operations.

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