African Potash appoints Elias Pungong as non-exec director

AIM-listed exploration company African Potash has appointed Ernst & Young veteran Elias Pungong to the board as a non-executive director.

African Potash said Pungong will support the company in its growth strategy as it looks to realise value from its Lac Dinga potash project in the Republic of Congo, in addition to building vertically integrated fertiliser operations.

Following the appointment, Ed Marlow is stepping down from the board in order to concentrate on his other corporate interests, effective immediately, the company said.

Pungong has advised governments, multinationals and private sector institutions across Africa on strategy, operation, and general management issues.

In his current role as senior partner and Oil & Gas leader for Africa at Ernst & Young, he leads the firm's transaction advisory and assurance work within the energy practice.

Prior to that, he spent 14 years at PricewaterhouseCoopers where he was a member of the Africa Leadership team, and managing partner for the firm's Sub-Saharan Africa Francophone team.

Chairman Chris Cleverly said: “Elias has a proven and acute understanding of Francophone Africa, and in particular resource development in the region.

He has a first class network and will be invaluable in orchestrating the development of Lac Dinga and compatible resources, as we look to build a vertically integrated fertiliser company.”

At 1043 BST, African Potash shares were down 6.7% at 2.05p.