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Rift Valley Resources Ltd

Rift Valley Resources strengthens board with deal maker

The incoming board member has a history of takeover success.

empty seats in a board room
The appointment comes as Greg Cunnold leaves the board

Rift Valley Resources Ltd (ASX:RVY) has appointed investment banker Neil Thacker Maclachlan as a non-executive director to its board of directors.

Maclachlan has over 35 years investment banking experience and was a director of Extract Resources Ltd and Kalahari Minerals Plc.

Both Extract Resources and Kalahari Minerals were the subject of successful takeovers for $2.1 billion and ₤651 million respectively.

Board skills to maximise value of Angolan assets

Stephen Dobson, chairman, said: “The appointment of a candidate of Neil’s calibre further reinforces the company’s commitment to delivering shareholders a top tier board structure to unlock the value of our Angolan assets.

“We look forward to working with Neil and utilising his global skill set in the development of the Ozango project in this exciting phase of the company’s growth.”

READ: Rift Valley Resources raises $1.5 million to support exploration in Angola

Rift Valley recently raised $1.5 million in a share placement to fund exploration of its projects in Angola, including the flagship Longonjo Metal Magnet Project.

The company plans infill drilling at the 70%-owned Longonjo project to upgrade the maiden inferred resource estimate.

The combined inferred resource is 44.7 million tonnes at 2.50% total rare-earth oxides (TREO).

This includes a from-surface resource of 11.6 million tonnes at 4.30% TREO oxide ore.

Quick facts: Rift Valley Resources Ltd

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Market: ASX
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Rift Valley Resources tapping into growing electric vehicle magnet market

Chairman of Rift Valley Resources (ASX:RVY) Paul Atherley introduces the company to Proactive and discusses their upcoming drill programme at the Longonjo Magnet Metals Project in Angola. The 9000 metre program will drill an area ten times the size of the current JORC resource and will...

on 6/6/18

2 min read