West Perth-based iron ore explorer Territory Iron Ltd chairman Michael Kiernan will commence work at the company in an executive capacity after managing director Doug Stewart advised he would retire from the company in late July.
The company also announced plans to change its name, to Territory Resources Ltd, which it said would reflect the Company's future direction as a diverse carbon steel commodity supplier.
Crawley Resources Ltd, a joint venture between Mr Kiernan and Hong Kong's Noble Group Ltd, will become the company's major shareholder if it wins approval for a placement to the company at a meeting scheduled for May 30.
Mr Kiernan joined the company board in February following Crawley's initial investment in the company - a $30 million investment that Territory said at the time would fully fund the remaining costs of its Frances Creek Iron Ore project in the Northern Territory.
He also currently serves as chairman of India Resources, Monarch Gold, Uran, PMA, Croesus Mining and Peel Exploration, as well as being a director of Matilda Minerals.
That said, he stood down as a director of Australian Zircon last month.
The full text of a company announcement is pasted below
Territory Iron Limited (ASX:TFE) advised today that the company is to be renamed Territory Resources Limited to reflect the Company's future direction as a diverse carbon steel commodity supplier.
As part of this change, Managing Director Doug Stewart advised he would retire from the Company late July 2007.
Mr Kiernan acknowledged the excellent contribution of Mr Stewart in taking Territory Iron from commencement to production at the Company's Frances Creek iron ore project in the Northern Territory. "Doug has led the Company and taken it to where it is today and shareholders are most grateful for his determined efforts. The hardest aspect of building a company is getting a project started and Doug has done that in an outstanding manner," Mr Kiernan said.
In the interim, Territory Iron Chairman Michael Kiernan will assume the role of Executive Chairman and work with Doug Stewart in a national search to locate a new Managing Director who will play a key role in developing the Company in to a mid tier Australian resource group. The development and new company direction has the support of Hong Kong based Noble Group who together with Michael Kiernan will become Territory's major shareholder subject to approval of a second tranche placement at a shareholder's meeting called for 30 May 2007.
