Former Brockman Resources and BHP Billiton executive Wayne Richards has been appointed managing director of IronClad Mining.
Mr Richards will join IronClad from March 1, as it ramps up development of its Wilcherry Hill iron ore project in South Australia.
Prior to joining IronClad, Mr Richards was recently managing director of Brockman Resources, and also held a senior executive position at BHP Billiton.
IronClad executive chairman Ian Finch said Mr Richards was the company’s standout candidate from its six-month search for a managing director.
“A person of Wayne’s experience and calibre is the precise individual we need to drive the day-to-day operations of our company,” Mr Finch said.
“During his tenure at Brockman, he grew the business from an exploration company with a market capitalisation of $30 million to close to $1 billion in just four years.”
The appointment of Mr Richards comes days after IronClad announced it had signed a second offtake agreement for Wilcherry Hill.
The agreement with New Page Investmetns to take 50 per cent of the ore from Wilcherry Hills for four years ensures that 100 per cent of the mine’s first two years of production were sold.
New Page also invested $6 million in IronClad by way of share placement.
The Wilcherry Hill project is an 80-20 joint venture between IronClad Mining and Trafford Resources.
IronClad is targeting production of 10-12 million tonnes of iron ore per year by 2015.
Mr Richards said he looked forward to joining IronClad with the company on the cusp of maiden production.
“The Wilcherry Hill mine and Hercules project have enormous potential,” he said.
“The company has the strategic advantage of being the first direct shipping ore magnetite producer and exporter in the world, with a significant opportunity to expand the business both organically and via potential future corporate activities.
“Whilst our initial focus will be on early stage mining at Wilcherry Hill and the transportation of iron ore to the Lucky Bay port facility, our principle focus will be to grow the business from one to 10 million tonnes per annum, and position the company as a future Top 150 ASX-listed company.”
Mr Finch will now assume the role of non-executive chairman.
At close of trade, IronClad was up 5.26 per cent on the ASX, with its shares trading at 80 cents.
