Only just noticed this article today. Sorry....

Only just noticed this article today. Sorry.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/23/bcnlamont123.xml

Norman Lamont hired to solve Iran mining dispute
By Angela Monaghan
Last Updated: 12:35am BST 24/10/2007



Lord Norman Lamont, the former Tory Chancellor, is set to become a director of Union Resources, the Australian mining company in dispute with the Iranian Government.

Lord Lamont, who was Chancellor in John Major's Cabinet from 1990 to 1993, will be made a non-executive director on November 23, subject to shareholder approval at the company's annual general meeting.

He is being brought in to help resolve a dispute between Union and an Iranian government body over the Mehdiabad mine in Iran, which is Union's only current project and according to the company the world's largest undeveloped resource of zinc, lead and silver.

Union is in joint venture with the Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO). But in December it told Union in a letter that it intended to end the agreement, because Union had failed to "fulfil and complete your obligations."

Union said that it had "complied with all of its obligations" and negotiations are ongoing.

Chairman James Collins-Taylor said that the company hoped Lord Lamont, 65, could "assist in resolving its current dispute," not least because of his experience and knowledge of Iran. He will be paid A$90,000 (£39,000) a year, and granted 6m share options, exercisable at 2 Australian cents a share.

Lord Lamont said that he was introduced to Union through RAB Capital, which is an investor in Union and where he is a director, but stressed that he would be independent in his new role.

He is also chairman of the British Iranian Chamber of Commerce, which works with the Department for Business, Enterprise and Regulatory Reform, and is a director of Balli Group, the steel group with interests in Iran.

Lord Lamont said of his new role: "I will be taking an interest in Iran. There is still legitimate business there."

A statement from the company said: "The board is of the view that Lord Lamont's combined business, political and financial experience and acumen will be of great benefit to the company."

Last month Union announced that it had opened an office in Dubai, where the company's managing director Dr Frank Reid would be based in order to more closely engage in negotiations on Mehdiabad.

Lord Lamont will attend board meetings in both Dubai and London.

Union Resources is listed on the Australian Stock Exchange and on AIM and is headquartered in Brisbane.