ITOCHU appoints non-exec director to Kalahari Minerals...

ITOCHU appoints non-exec director to Kalahari Minerals board


12/4/11 Tue 8:10 am by Sergei Balashov

ITOCHU is entitled to maintain a nominated representative on Kalaharis board as long as it is interested in at least 13.5 percent of the company Kalahari Minerals (LON:KAH) announced that its major shareholder ITOCHU Corporation (TYO:8001) has replaced its representative on the board, having appointed Sumihiro Kamino as a non-executive director of Kalahari.

Kamino will replace Takashi Yasuda, who has resigned as a non-executive director.

The stake sale to ITOCHU was announced in March last year, when the Japanese company said it was buying a 15 percent stake in Kalahari. ITOCHU is a 150 year old major Japanese trading house, which has been involved in uranium trading since 1998, having since become one of the biggest uranium traders in the world.

As a UK resident, Mr. Sumihiro Kamino is ideally placed to continue our close working relationship with ITOCHU, our strategic major shareholder, said executive chairman of Kalahari Minerals Mark Hohnen.

Through this relationship we benefit from ITOCHU's experience of in the uranium sector and in Namibia, as well as the political and financial backing it receives from the Japanese Government, as we continue our active strategy with regards to the development of Extract Resources Limited and the world-class Husab uranium project.

ITOCHU is entitled to maintain a nominated representative on Kalaharis board as long as it is interested in at least 13.5 percent of the company.

Kalahari Minerals main assets are its 40 percent stake in Extract Resources (ASX:EXT, TSE:EXT) which is developing the world-class Husab uranium project in Namibia, and a 45 percent shareholding in North River Resources PLC (LON:NRRP), an emerging southern Africa focused multi commodity resource development company.


BOBCOCK....