Mindax (ASX: MDX) has advised of changes to reorganise the company's activities to streamline its activities and minimise costs.
It will undertake this while preserving a focus on key projects in response to a period of very challenging economic conditions and uncertainty for junior explorers and project developers such as Mindax.
The reorganisation will include reducing the size of the board from six to four, and it is envisaged that the restructuring program will be completed by the end of May 2014.
The planned changes have the full support of Mindax's largest shareholders.
Mindax added that discussions with Perpetual Mining Holding Limited (PMHL) regarding the Mt Forrest iron project will continue once PMHL has completed a review of the project which it has undertaken in April.
Managing Director and CEO Dr Steve Ward has agreed to step down and leave the company with effect from 31 May 2014.
Gilbert George, chairman, commented: "I would like to pay tribute to Steve Ward and other staff members who are leaving the company and thank them for their substantial contributions.
"We wish them well in their future endeavours. We hope all our shareholders understand the necessity of these actions and continue to support the company".
Other existing directors will continue as board members.
Gilbert George to retire
Gilbert George has advised that after almost ten years as Founding Chairman, he will retire effective May 31, and the board has agreed to appoint current director Mr Benjamin Chow AO as Chairman effective from 1 June.
Mindax said that most of the Perth based staff including Chris Pougnault current CFO and Company Secretary will leave the company.
John Vinar's current role as General Manager Exploration will cease.
Vinar has agreed to act as a consultant to Mindax and provide certain technical and project services as required. He will be Mindax's technical and project representative in Western Australia and report to the Mindax board.
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