04/08/2008 - 12:53

Harris, Donaldson join Territory board

04/08/2008 - 12:53

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The state president of the Australian Institute of Company Directors Fiona Harris and former senior manager of Western Mining Corporation Mike Donaldson have been appointed to Territory Resources Ltd's board.

Harris, Donaldson join Territory board

The state president of the Australian Institute of Company Directors Fiona Harris and former senior manager of Western Mining Corporation Mike Donaldson have been appointed to Territory Resources Ltd's board.

Ms Harris and Mr Donaldson join a reconstituted Territory board headed by chairman Andrew Simpson and managing director Alan Quadrio, following Michael Kiernan's departure at the end of June

 

Below is the full announcement:

Australian iron ore producer, Territory Resources Limited (ASX: TTY), has further cemented the recently announced realignment of its strategic focus with the appointment of two new independent Non-Executive Directors, further strengthening its Board in the key areas of exploration and corporate governance & finance.

The new Directors - experienced exploration executive, Dr Mike Donaldson, and prominent Independent Company Director, Fiona Harris - join a reconstituted Board comprising Chairman Andrew Simpson, Managing Director Allan Quadrio, Executive Finance Director Ian McCubbing and Non-Executive Director Richard Elman. The Company is also planning to appoint one additional Non-executive Director with expertise in open cut mining and ideally in iron ore mining. This appointment will be made as soon as practical.

Dr Donaldson is an accomplished Australian exploration executive with more than 25 years of worldwide industry experience in exploration for nickel, gold, base metals and diamonds, including senior management positions with Western Mining Corporation, Ashton Mining Ltd and Sons of Gwalia Ltd. He was also General Manager of the Regional Mapping Branch of the Geological Survey of Western Australia for seven years, and is currently Non-Executive Chairman of ASX-listed gold explorer, Beadell Resources Ltd and Group Chief Geologist with AIM-listed and Africa-focussed Lithic Metals and Energy Ltd.

Ms Harris has been a professional Non-Executive Director for the past 13 years and during that time has held a number of prominent non-executive Board positions including Alinta Limited, NM Rothschild (Australia) Ltd, Portman Limited, Burswood Limited, and Vulcan Resources Ltd. She has a strong interest in corporate governance and is Western Australian State President of the Australian Institute of Company Directors, and a member of their national board.

Ms Harris was previously a partner with chartered accountants KPMG and spent 14 years with that organisation in audit and advisory roles.

Territory's Chairman, Mr Andrew Simpson, said he was delighted to have secured such high calibre individuals to join the Company's Board, bringing a depth of expertise which complements the skills of the existing Directors and strong leadership in the core areas of focus required to progress the development and expansion of the Frances Creek Iron Ore Mine in the Northern Territory.

"The restructured Board is eminently qualified to lead Territory forward on its continued growth path as a strong Australian iron ore producer and exporter, leveraging off our core capabilities in mining, processing and exporting high-quality minerals," he added.

"The Board has set three clear objectives, namely increasing production to a targeted annualised level of 2.0Mtpa by the end of this year, aggressive exploration to expand our resources and extend our mine life, and improving the efficiency of our operations to reduce costs and realise economies of scale from growing production.

"The new Board is well qualified to work closely with our existing management team to realise these goals and create a strong, profitable Australian resources group," Mr Simpson added.

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