Sumitomo sets off Mindax board row

Mindax’s biggest shareholder, Chinese-born and educated Australiandiamond recovery machine suppliers in south africa citizen Andrew Tsang, has broken his silence on why he wants to sack the Yilgarn iron ore junior’s managing director Greg Bromley.

Tsang, who controls 22.8 per cent of Mindax, says the company effectively gave away its potentially big magnetite deposit through a proposed farm-in deal with Japanese trading giant Sumitomo. And, Tsang claims, the time has come for Mindax’s focus to shift from exploration to mine development. “This will require a change in culture and, I believe, to drive this change, a new management,” Tsang said in a letter to Mindax shareholders. Tsang said he did not want to “engage in a public debate with existing management”, although it’s too late for that. This is a typical battle between the biggest shareholder and the long-serving managing director. In little over a week — on April 27 — Mindax shareholders will meet to vote on motions put by Tsang and boardroom ally Benjamin Chow for Bromley and non-executive director Ken Pettit to be sacked. Bromley’s camp has wasted little time requisitioning its own meeting, which is likely to be held around May 12, to force the removal of Tsang and...