25 May 2012

New boss at VANE Minerals

12/08/2011 Robert Tyerman

USA and Mexico-focused dog Vane Minerals (VML) is replacing long-standing chief executive officer Steven Van Nort with financier David Newton. The company, whose name reflects Van Nort's initials, is seeking to develop copper, gold and uranium projects in Colorado, Arizona and Mexico, but progress has been slower than originally hoped when it floated on AIM in 2004.

Sir Richard Needham, the former Tory trade minister who chairs VANE, says Newton, an accountant who has worked for a host of small brokers including Williams de Broe, Seymour Pierce, Zimmerman Adams, Hoodless Brennan and XCAP Securities, 'brings a wealth of financial expertise to the company,' arguing the new boss will 'strengthen our capabilities to execute the strategy of growing company value.' Van Nort wil remain a VANE director.

Floated at 11p seven years asgo, VANE shares fell from 4p to 1.59p during the past year before bouncing modestly to a current 1.75p. They are now a speculation on Newton's abiity to raise the company's game.

Tags: AIM market, Copper, gold and uranium, David Newton, Sir Richard Needham

Sector: Mining

Companies: Vane Minerals

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