02/08/2019 - 11:48

McQuitty resigns from Sheffield in board reshuffle

02/08/2019 - 11:48

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Former Sheffield Resources managing director and founding shareholder Bruce McQuitty will step down from the board, making way for John Richards and Ian Macliver, as the company moves closer to development of its Thunderbird mineral sands project.

McQuitty resigns from Sheffield in board reshuffle
Bruce McQuitty will step down from Sheffield's board at the company’s next annual general meeting.

Former Sheffield Resources managing director and founding shareholder Bruce McQuitty will step down from the board, making way for John Richards and Ian Macliver, as the company moves closer to development of its Thunderbird mineral sands project.

Mr McQuitty, who is currently a non-executive director at Sheffield, will retire from the role at the company’s next annual general meeting.

Mr Richards, who is currently on the board of Saracen Mineral Holdings, will join the Sheffield board as a non-executive director.

He has served as the managing director at Buka Minerals and the head of mining and metals advisory at Standard Bank’s Australian division.

Mr Macliver is the non-executive chairman of nickel miner Western Areas and is also non-executive director of oil and gas company Otto Energy.

He also is the founder of Grange Consulting Group and Grange Capital Partners.

Mr Macliver and Mr Richards will receive remuneration comprising of $80,000 per annum plus superannuation.

Sheffield non-executive chairman Will Burbury said the combined experience of Mr Macliver and Mr Richards would be invaluable as the company develops the Thunderbird project

“Both are internationally recognised and respected executives, and their engagement will provide significant benefit to the company,” he said.

Earlier this week, Sheffield trimmed the capex of Thunderbird by $101 million to $478 million, in order to significantly reduce its equity funding requirements.

The company's updated bankable feasibility study revealed that the capex reduction would stem from scrapping plans for a low-temperature ilmenite roaster circuit.

The equity portion of the funding will fall from $251 million to $143 million, according to Sheffield, and it has already secured $240 million in debt financing from Taurus Funds Management and a $95 million loan from the Northern Australia Infrastructure Facility.

Shares in Sheffield were down 2.6 per cent to trade at 56 cents each 12.30pm AEST.

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