Centamin announces board change at newly-acquired Ampella

26th Feb 2014 07:01

Mining group Centamin announced Wednesday that its stake in Ampella Mining, via its wholly-owned subsidiary, Centamin West Africa Holdings, totalled 51.14 per cent, giving it the right to take effective control of Ampella's operations. It also gained the right to appoint a majority of the directors to the board of Ampella, and as such has requested that a number of directors resign and has nominated replacements. Paul Kitto, Ron Renton and Michael Anderson have been asked to resign, while Josef El-Raghy, Mark Arnesen and Heidi Brown have all been nominated to be appointed as directors. Josef El-Raghy, Chairman of Centamin, said: "We are pleased to have successfully gained control of Ampella and thank the outgoing directors for their support during this recommended offer process. "We also recognise the key contribution that Dr Paul Kitto has made to establishing a significant new gold province in Burkina Faso and we welcome his future involvement with our management group so that we may continued to discover and develop gold projects in this area and the wider region."NR