Extract Resources

Kalahari Minerals promotes Extract's MacLachlan to executive position


Kalahari Minerals (LON:KAH) has promoted non-executive director Neil MacLachlan to an executive position to further strengthen the relationship with its 41.08% owned Extract Resources (ASX:EXT, TSX:EXT), where MacLachlan serves as a non-exec.

Extract is currently approaching its production phase at the Husab uranium project in Namibia. He also serves as a non-exec at Eurogold (ASX:EUG), Samson Oil & Gas (NYSE-AMEX:SSN) and ASX listed Oklo Resources (ASX:OKU).

“This is a highly active and critical period for both Extract and Kalahari, as Extract presses forward with its rapid development schedule for the Husab, ahead of establishing one of the world's largest uranium mines.

“I believe that Neil's transition to executive director of Kalahari will support this phase of both companies' growth,” said executive chairman of Kalahari Minerals Mark Hohnen.

MacLachlan, who has served as a non-exec at Kalahari since March 2009, has more than 30 years of investment banking experience gained in Europe, South East Asia and Australia, including 16 years with the investment banking division of HSBC (LON:HSBA).

He also has extensive mining industry experience, including as executive vice president, Asia, for Barrick Gold Corporation, with responsibility for identifying and negotiating new acquisitions in Asia.

Extract has just secured environmental approval to develop Husab.

Husab hosts the Rössing South deposit, which is still being explored by 17 rigs. It is currently the fifth largest uranium deposit in the world.

A separate environment impact assessment (EIA) is currently underway for some of the mine's infrastructure and public consultation is scheduled in April and May.

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