Miner NWR's board loses Ferrexpo boss as firms scrap alliance

PRAGUE, Feb 25 (Reuters) - Czech hard coal miner New World Resources (NWR) said the chief executive of Ukrainian iron ore company Ferrexpo (Other OTC: FEEXF - news) had resigned from its board after a strategic alliance between the two companies was terminated.

RPG Industries, a unit of NWR's leading shareholder BXR Group, and Fevamotinico, the controlling shareholder of Ferrexpo, announced a strategic alliance in 2008, giving NWR a way to explore opportunities among the vast coal reserves of Ukraine but nothing has come of the tie-up.

"This strategic alliance has now been terminated by mutual agreement in the absence of identification of joint projects to be developed," NWR said in a filing late on Monday.

"Kostyantin Zhevago has resigned from the board of directors with immediate effect."

BXR still holds a 25 percent stake in Ferrexpo.

NWR has fallen into record losses in the past year because of weak coal prices and slack demand among its steel sector customers. It is undergoing a restructuring to cut costs, including a major review of its capital structure.