Indo Mines Ltd MD and CEO resigns
Monday, October 21 2013 - 04:46 AM WIB
ASX-listed Indo Mines Limited announced Monday that Martin Hacon, Managing Director (MD) and CEO has today given notice of his resignation to pursue other business interests. Hacon will work with the company until January 31, 2014 to ensure a smooth transition.
Hacon was instrumental in securing a US$63 million investment by the Indonesian conglomerate Rajawali Group and the introduction of other significant shareholders.
The board expects to make an announcement regarding the appointment of a new CEO by the end of the year.
Indo Mines Limited 70 percent owned Indonesian subsidiary, PT Jogja Magasa Iron (JMI), has successfully concluded negotiations to acquire land at the western end of its Contract of Work (COW) area in Yogyakarta, which will be the location for a pig iron plant project where it plans to produce 2 million tons per annum of iron concentrate.
Editing by Reiner Simanjuntak