West African focused iron ore explorer DMC Mining Ltd
(ASX:DMM) has announced the resignation of founder and managing director David Sumich.
Mr Sumich’s resignation follows on from Cape Lambert Resources Ltd (ASX:CFE) takeover of the company.
DMC Mining says Cape Lambert has taken control of over 92% of the company.
In its bidders statement, released back in April, Cape Lambert said that it intended to replace some or all of the board members upon achieving control of DMC.
Following Mr Sumich’s departure, executive directors Kim Bichoff and Joe Ariti will oversee the day-to-day operation of the company.
DMC Mining has posted net losses in the last two fiscal years.
