Black Mountain Resources Ltd. said that following completion of its restructuring, it is now mostly debt free and will focus on its Busumbu phosphate project in Uganda and the Crown lithium assets in the Democratic Republic of the Congo.

The company, which will be renamed Hipo Resources Ltd., disposed of its interest in the Namekara vermiculite mine in Uganda in exchange for the retirement of about A$5.5 million of debt.

Black Mountain retained a 75% earn-in right for the Busumbu project and for exploration of copper and rare earths mineralization across the project, it said June 13.

The company noted that it is in the final stages of securing other farm-in partners for phosphate, copper and rare earths to reduce its expenditure.

Meanwhile, Dan Smith was appointed as a nonexecutive director to replace Simon Grant-Rennick, who stepped down from the position. Luca Bechis resigned from the board, and Sam Jarvis was appointed as a nonexecutive director. Director Maurice Feilich will become executive chairman.