Boardroom coup at ACR?

HARARE Former African Consolidated Resources (ACR) finance director Roy Tucker has been appointed the companys executive chairman in a move that has all the signs of a boardroom coup at the troubled British-run mining firm.

Announcing the board changes this week, the company also welcomed mining guru Julian Emery and lawyer Lloyd Manokore as non-executive directors.

The company also announced the appointment of Panmure Gordon (UK) Limited as its financial adviser, nominated adviser (‘Nomad’) and corporate broker with immediate effect.

There was no mention of former chief executive Andrew Cranswick and all shareholders with queries were directed to contact Tucker or representatives of Panmure Gordon.

Previously Cranswick was the companys pointman, answering most of the investor and media queries. As executive chairman, Tucker now has control of the day-to-day running of the company.

The notice said the new director appointments were designed to strengthen the board as the company focuses on developing its multi-commodity portfolio.

Emery has vast mining experience, having served most recently as a mining analyst at Ambrian Capital plc, and previously as the head of mining research at WH Ireland.

ACR is locked in a long-running legal battle to regain control of the Marange fields also known as Chiadzwa from the government-run Zimbabwe Mining Development Corporation which has already parcelled out ACR claims to South African and Chinese companies.

Zimbabwes Mines Minister Obert Mpofu last year declared that the London-based mining firm controlled by one white man would never mine diamonds at Marange as long as he was in charge of the ministry.

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