Mount Gibson Iron Ltd (ASX:MGX) has commissioned an internationally recognised recruitment firm to find two new independent directors for its board, in its next step to redesign the board after its chairman left over corporate governance concerns five months ago.
The country’s fourth-largest listed iron ore miner is also seeking recommendations for directors, and wants to fill the positions as soon as possible.
On Friday, Mount Gibson also said rain and flooding at some of its operations caused a 41 per cent drop in ore sales in the three months to March 31, from the previous quarter.
The company was awarded US$114 million last August in damages from its dispute with Rizhao Steel Holding Group Ltd, who didn’t fulfil obligations for the supply of iron ore.
In the six months to 31 December 2010 Mount Gibson recorded a net profit of $139.97 million.
