(MENAFN- ProactiveInvestors - Australia) Gold One International (ASX: GDO) has streamlined its board to seven directors from the previous 11 following the end of a one year transition period implemented by majority shareholder BCX Gold Investment Holdings.
The reconstituted board will comprise two non-executive directors nominated by BCX, four independent non-executive directors, and one executive director.
Yalei Sun and Chao Zhou will remain on the Board in their capacity as non-executive directors as nominees of BCX, with Sun continuing to act as chairman.
Robert Chan, Allan Liu and Michael Solomon will remain on the Board as independent non-executive directors.
A fourth independent non-executive director will be appointed shortly.
"Gold One is entering a new phase of its strategy prior to an anticipated Hong Kong listing," Acting Chief Executive Officer Christopher Chadwick said.
"BCX and the Board have expressed their sincere gratitude to the outgoing directors for their contributions to the company, their industry expertise, their experience, and their guidance to management over the years during which they have served as directors."
Under the Transaction Implementation Agreement entered into between BCX and Gold One in 2011, BCX committed to an initial composition of the board consisting of 11 directors, of which a majority of six were independent directors, for a transition period of one year, which ended on 29 December 2012.
BCX holds 89.08% of Gold One's issued shares.
Road ahead
Over the next 12 to 18 months, Gold One plans to achieve:
- 150,000 ounces of production at its flagship Modder East gold mine;
- Turnaround at Cooke with the integration of Ezulwini as Cooke 4;
- Its uranium co-product strategy; and
- A joint venture project now with Sibanye Gold.
The Modder East gold mine, commissioned in 2009, distinguishes itself from most other gold mines in South Africa owing to its shallow nature â€" 300 to 500 metres below surface â€" and continues to ramp up production, having produced 123,179 ounces in 2011.
Earlier in the year the group expanded further with the acquisition of the Cooke 1, 2 and 3 Underground Operations and the Cooke surface assets, Randfontein Surface Operations, located in the West Rand, 30 kilometres from Johannesburg.
Importantly for Gold One, the Cooke underground operations continue to deliver in line with expectations and are currently the subject of a turnaround intervention.
Through Gold One's purchase of Rand Uranium, the group has also acquired one of the world's most advanced uranium projects, which envisages recovering uranium, gold and sulphur from the Cooke Tailings Dam and underground ores.
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