23/04/2008 - 22:00

In Brief: McKee to chair Iron Road Limited

23/04/2008 - 22:00

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In Brief: McKee to chair Iron Road Limited
FORMER high-ranking Western Australian bureaucrat, John McKee, has taken the chair of junior iron ore explorer Iron Road Ltd as it seeks to raise $5 million and list on Australian Securities Exchange in June. Dr McKee, a former Shell, Santos and Telstra executive, previously chaired the State Energy Commission of WA – which disappeared when the Court Liberal government made the first disaggregation move by splitting SECWA into Western Power and Alinta Gas, privatising the latter. Dr McKee was also co-ordinator general of the State Development Ministry of WA. His top flight government and corporate past is in contrast to Iron Road, a junior player which is the corporate vehicle for the iron ore assets of diversified South Australian explorer Adelaide Resources Ltd. Adelaide Resources plans to focus on its copper, gold, mineral sand and uranium prospects in SA and the Northern Territory. Iron Road’s portfolio includes a significant land holding in the highly prospective Windarling area, in close proximity to Portman Ltd’s Windarling Mine in WA. Two project in the Murchison region, Wanmulla northeast of Cue and Rose Hill, north-east of Mt Magnet, are also included in the float portfolio. The company’s most promising asset is its wholly owned Warramboo iron ore project on the Eyre Peninsula in SA, where iron grades of 70.4 per cent have been encountered. The company has earmarked $2.4 million for exploration at the project in the first two years.

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