Peter Shou, managing director, has resigned due to personal reasons, with the board thanking Shou for the tremendous contributions he made to the company since joining in early 2009.
Under Shou's leadership, Ord River continued to develop its various projects and raised necessary capital in difficult financial market conditions, while also succeeding in restructuring the company's cost structure and improved the company's financial position.
Ord River said that Shou was instrumental in the advancement of SARCO project in Laos, where the resource was recently upgraded. In another transition, Frank Zhu will move from executive director to solely as company secretary.
The board said that it assures shareholders and the market that it is working hard to ensure a smooth transition and continue to advance the company's projects.
Ord River delivers JORC Resource upgrade at bauxite and alumina project
Highlighting some of Ord River's recent achievements, just last month the company delivered a 73.8% increase in the JORC Resource for the bauxite and alumina project in Laos, with a Bankable Feasibility Study the next step in progressing the project.
The new Resource comprises 226 million tonnes at 26.7% alumina and includes a Measured Resource of 69 million tonnes at 28.1%.
The Measured Resource is sufficient for a mining operation that would last 34.5 years at the proposed 600,000 tonne alumina refinery.
The Laos project is held by Sino Australian Resources (SARCO), a joint venture company owned 49% by Ord River and 51% by China Nonferrous Metal Industry's Foreign Engineering and Construction Company (NFC).
SARCO has already secured a letter of proposal from China Minsheng Banking Corporation to finance 70% of the total capital required to build the alumina refinery.
Memorandums of Understanding have been secured with NFC for a fixed price and fixed term engineering, procurement and construction contract and a 20 year alumina offtake agreement.
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