Two new directors have joined Minmet in order to hasten its move into oil and gas but it has also lost its IEX adviser Davy.
Brian Gibbs and Peter Maddocks are joining the board as executive directors. Gibbs has a background in the oil and gas sector while Maddocks has financial experience.
Chief executive Mike Nolan is stepping down. Davy’s resignation as broker and adviser means that Minmet’s IEX quotation is suspended. The shares are still being traded on Aim because Hoodless Brennan is still nominated adviser.
Minmet has a strategic partnership with Aim-quoted Gold Oil but this latest move suggests it will become more involved in the sector. Gold is exploring in Peru and Colombia. Gold owns 24.67% of Minmet, which also has oil and gas interests in the US. It also retains stakes in mining companies.
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