NWR - Non-Executive Director Kostyantin Zhevago stands down
New World Resources Plc (the 'Company') announces today that Kostyantin Zhevago has resigned from the board of directors with immediate effect.
Mr. Zhevago is the chief executive and controlling shareholder of Ferrexpo plc.
In 2009 Mr. Zhevago was nominated to the board of New World Resources N.V. (and later to the board of the Company) following the establishment of a strategic alliance between RPG Industries Limited, a member of the BXR Group, and Fevamotinico S.a.r.L., the controlling shareholder of Ferrexpo. This strategic alliance has now been terminated by mutual agreement in the absence of identification of joint projects to be developed.
Gareth Penny, Company's executive chairman, said: "On behalf of the board, I thank Kostyantin for his outstanding contribution over the last five years to the life of New World Resources and to the board in particular. His broad experience has been enormously valuable to the Company. We are sad to see him go, he will be missed."
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