Boardroom wrangle hits uranium project

JP Morgan Nominees, acting on behalf of investors and holding 27 million shares, had proposed that shareholders boot Stacpoole out at the October 24 AGM, reportedly due to differences over cost-cutting initiatives at the firm.

Since 2004, A-Cap has been developing the Letlhakane Uranium Project, recently proving a 308 million pounds resource, placing it the top 10 largest undeveloped uranium deposits worldwide. The Australian firm plans to spend more than P2,6 billion in bringing the project to life by 2017.