Northern Iron (TSXV:NFE) has announced the appointment of Huaiguo Shen to the board of directors in order to leverage Asian markets for lithium products.
As quoted in the press release:
Mr. Shen worked with SQM in China for 6 years before founding his own business as a distributor for SQM’s lithium products in China. In 2014, Mr. Shen invested in three plants to produce cathode material for lithium ion batteries. Mr. Shen is currently a supplier of lithium products to many of China’s leading battery manufacturers and consumers of lithium.
Immediately after graduation, Mr. Shen joined SINOCHEM, a leading, state-owned company involved in trading and manufacturing of petrochemicals and fine chemicals. 10 years later he joined SQM S.A., a world leading manufacturer of special fertilizer, lithium and iodine products.
Basil Botha, Chairman of the Company, said; “Huaiguo is a tremendous addition to our team. He has more than 14 years’ experience in trading and manufacturing lithium products and has a wealth of industry knowledge. He has excellent relations with a number of lithium providers, but more important are his connections in the downstream production chain. These include manufacturers of cathodes, anodes, electrolytes, and batteries all of which are lithium consumers. We plan to leverage these relationships to find strategic partners and off-take agreements.”
The company has also closed a second tranche of a non-brokered private placement financing for aggregate gross proceeds of $1,345,000.
Click here to read the full press release.