China Nonferrous Gold chairman stands down

LONDON (ShareCast) - Tajikistan-focused gold miner China Nonferrous Gold (CNG) saw its shares drop on Monday after the resignation of non-executive chairman and gold industry veteran Tao Luo. The AIM company, formerly known as Kryso Resources, said Luo has stepped down with immediate effect after retiring as president from China Nonferrous Metals Mining Corp and chairman of China Nonferrous Metals Int'l Mining, CNG's largest shareholder.

"The board of the company would like to thank Mr Luo, for his contribution to the development of CNG and the Pakrut gold project, and wishes him well in his retirement," CNG said.

The stock was down 7.3% at 19p by 15:28.