Bushveld Minerals Ltd announced on Wednesday that Chief Executive Officer Craig Coltman and Non-Executive Director Michael Kirkwood are to leave their positions, halving the size of its board.
The South African vanadium company said Coltman would see out his three-month notice period as an employee of group subsidiary Bushveld Minerals SA Pty Ltd. Coltman will work with Piers Marsden of Matuson & Associates as the appointed business rescue practitioner.
Bushveld Minerals was suspended from AIM trading last month. Its subsidiaries entered business rescue the next day, and include Bushveld Minerals SA, Bushveld Vametco Holdings Pty Ltd and Bushveld Vametco Alloys Pty Ltd.
On Friday, the vanadium producer delayed the repayment of inter-company debt, after a $798,000 loan amount owed by subsidiary Bushveld Vanchem Pty Ltd to Bushveld Vanadium 2 Pty Ltd went into default.
Coltman in November attributed Bushveld’s financial woes to a depressed vanadium market, lack of cash for plant maintenance and ‘historically high, long outstanding creditor balances’.
Following Wednesday’s announcement, the board will consist of two independent non-executive directors, Kevin Alcock and Mirco Bardella.
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