The West

Michael Minosora looks over Atlantic s Windimurra project in March 2011.
Michael Minosora looks over Atlantic's Windimurra project in March 2011.

Michael Minosora has quit as chairman and chief executive of struggling vanadium producer Atlantic.

The sudden resignation comes just weeks after a fire gutted the Windimurra operation's processing plant, causing about $100 million of damage, and compounding Atlantic's struggle to stay afloat.

Even before the fire, a never-ending series of technical issues hampered Atlantic's efforts to ramp up vanadium production at Windimurra, and required one of Indonesia's richest men, Anthony Salim, to inject tens of millions of dollars into the struggling company.

It made Mr Salim the biggest shareholder in Atlantic, followed by Mr Minosora, while the company and its subsidiaries also owing $US335 million to mostly US bondholders.

There have been reports of increased tensions between Atlantic and the bondholders and, lately, between Mr Minosora and Mr Salim.

Atlantic did not provide a reason for Mr Minosora's resignation but used an announcement to the ASX today to pay tribute to his role in the "acquisition, construction and commissioning of the Windimurra project".

Gary Lewis, the managing director of Robust Resources, has been appointed non-executive chairman and Atlantic's chief operating officer Daniel Harris takes on the role of chief executive.

Atlantic's shares remain in suspension, having last changed hands for 17.5 cents.

The West Australian

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