Molyneux has agreed, subject to completion of the share purchase, to join Blumont as its chairman.

Molyneux, in cooperation with Pacific Advisers, conditionally acquired 135,000,000 Blumont shares, representing 5.2% of the total outstanding issued shares of Blumont, post-rights issue.

“Blumont views this proposed appointment as a crucial step in fast-tracking its evolution as a major diversified natural resources company,” Celsius said in a statement.

“In the meantime, Mr Molyneux will immediately become a consultant to and chairman-designate of the Blumont Group and will formally assume the role as chairman upon completion of the share purchase transaction. The transaction is subject to a number of conditions and is not expected to close for 30 days.”

“Celsius’s board welcomes the strengthening of ties between Celsius and Blumont.”

Singapore-listed Blumont and Indonesia-focused explorer Cokal continue to believe in the strategic merit of a $A124 million takeover bid for Cokal, despite an initial proposal being aborted after Blumont’s shares plunged 56% last week.

Blumont also had to withdraw a proposed $81.7 million funding package designed to fund the equity requirements for Cokal’s BBM coal mine project in Indonesia.

Both parties agreed to halt the takeover plans, but further discussions are taking place to restructure the financing and potential takeover offer, Cokal said in a statement.

“Directors believe that such takeover proposals should be developed and brought to shareholders for them to decide on,” the company said.

“Shareholders should be aware that there is no certainty that any Blumont proposals will be made.”