18/04/2012 - 14:22

Hughes takes on Ferrowest chair

18/04/2012 - 14:22

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Iron ore junior Ferrowest has appointed prominent business identity Bryan Hughes as chairman.

Mr Hughes is managing director of Pitcher Partners chartered accountants, with more than 20 years experience in the field.

He has also played a pivotal role in the launch of resource firms Western Areas, Sinosteel Midwest Corporation and Consolidated Minerals.

“The appointment of Mr. Hughes to the Company as Chairman comes at a point in time where Ferrowest is poised to unlock the value of its partnership with the Tai Feng Group from Sichuan Province in China to develop the Yogi Mine Project,” Ferrowest said in a statement.

“Tai Feng, who have already contributed $2.8 million to Ferrowest at 20 cent per share, three times the current share price, are now awaiting final Chinese Government approval of the deal that will see Ferrowest receive another $2 million in equity and a further $20 million in project funding.”

Incumbent chairman Barry Wyatt will continue on Ferrowest’s board as a non-executive director. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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