Did anyone read this article from miningnews last night ?
God and today 4 great anns ????? LOLOLOL
Can you guys give me your views on ARU ?
I'm quite interested in take a position here.....should've doen this arvo on the weakeness.....
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Shareholder's gripe baseless: Arafura
Wednesday, 22 November 2006 Chris Cann
ARAFURA Resources has dismissed as "completely baseless and unfounded" claims from a minority shareholder that the company board lacks the skills needed to develop its flagship Nolans Bore rare earths project in the Northern Territory.
Arafura Resources' managing director Alistair Stephens
In a letter to fellow shareholders obtained by MiningNews.net, Norman McCleary, who owns a 3.9% stake, referred to the board as "under skilled" and accused it of over-promising and under-delivering. ANZ Nominees is the largest shareholder with a 6.95% stake.
"It is my opinion that the board lacks crucial skills such as marketing, business operations, commercial chemistry and has no direct knowledge of the NT or its environments to pursue Nolans Bore and other projects," McCleary said.
He urged shareholders to consider joining him in voting against the reappointment of non-executive director Ian Kowalick at the company's annual general meeting this Thursday.
McCleary did not suggest a replacement for Kowalick in his letter and MiningNews.net could not contact him for comment this afternoon.
Arafura managing director Alistair Stephens told MiningNews.net he would not be responding to "such trash and garbage" but would be happy to discuss the matter at the AGM at the request of other shareholders.
"The letter is rubbish," he said.
"Norm has told me directly that it is a personal vendetta against the board. I think he's trying to stir the pot.
"Norm has 30 years experience as a pawnbroker and I don't think he is in a position to make a valued judgment as to the make-up of the board.
"He has got some good skills about the NT locally but I don't think his comments are appropriate."
Stephens said he was keen to see Kowalick re-elected.
"Ian has been chief of staff for the South Australian Premier's Department, he was on the board that resurrected the Bank of South Australia from bankruptcy, he's worked for all the major mining houses, he's got engineering and economic degrees, and he's got extensive networks both politically and financially – the guy is a substantial asset to Arafura."
Arafura ticked off another milestone for its $100 million Nolans Bore development in September with the completion of metallurgical test work. The company is looking to bring the 500,000 tonne per annum operation online towards the end of 2008.
Shares in Arafura were up 9.3% in early afternoon trade to 53c.
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