Streeter walks from Western Areas
UPDATE 1.20pm: Terry Streeter, the co-founder of WA's best-performing nickel miner Western Areas and a long-term supporter of the State's mid-cap resources sector, has resigned.
He made the announcement at Western Areas' annual meeting in Perth this morning.
His resignation as chairman, and from the board, will be effective immediately, and non-executive director Ian Macliver will take over as Western Areas' chairman.
Mr Streeter remains one of the biggest shareholders of Western Areas, which mines nickel at the Forrestania underground operations 400km south-east of Perth.
His resignation comes less than a year after Western Areas' founding chief executive Julian Hanna also quit, handing the day-to-day reins to Dan Lougher.
"I am very proud to have been a part of building this company from before our original $5 million IPO in 2000 to the solid and successful producer that it is today, boasting two of the world's highest grade nickel mines," Mr Streeter said today.
"During the past 13 years Western Areas has evolved from being a junior nickel explorer to become a significant mining company with an enviable track record of stable and profitable production from two high quality mines.
"Both Flying Fox and Spotted Quoll have proven their initial promise as company making assets whilst the Cosmic Boy Mill continually exceeds its nameplate capacity and recovery targets. I am sure there is more upside to come from the nickel rich Forrestania project region over the next few years and I remain confident shareholders will continue to see strong results delivered.
"However, I believe that I have more to achieve in the emerging end of the resources sector and that it is the right time for me to focus my efforts in that area.
"Increasingly I am finding myself overseas, particularly in South America, and this is another factor that has influenced my decision to step down from the board of Western Areas."
Western Areas shares fell 19 cents, or 7.48 per cent, to close at $2.35.
