The West

Mirabela s Santa Rita nickel project.
Mirabela's Santa Rita nickel project.

The board of embattled nickel miner Mirabela has been slashed by half with the resignations of three directors.

Chairman Geoff Handley has resigned immediately from the company's board along with non-executive directors Colin Steyn and Peter Nicholson.

Non-executive director Ian McCubbing will assume the role of non-executive chairman while Nick Sheard will remain as a non-executive director and assume the role of audit committee chairman. Ian Purdy will remain as managing director.

Mirabela's shares are suspended as it battles to secure a financing deal to continue as a going concern.

The company has been hit by low nickel prices, production problems at its Santa Rita nickel mine in Brazil and attempts by its biggest customer Votorantim Metals to wriggle out of a long-term offtake deal.

Late last month, Mirabela announced it had secured a $45 million interim lifeline from a consortium of bond holders while it tries to craft a longer term funding arrangement.

Mirabela shares last traded for 1.6 cents.

The West Australian

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