18/11/2020 - 13:00

Welborn to lead Equatorial Resources

18/11/2020 - 13:00

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John Welborn has been appointed managing director and chief executive of Equatorial Resources, one month after stepping down as boss of Resolute Mining.

John Welborn is the new managing director and chief executive of Equatorial Resources. Photo: Attila Csaszar

John Welborn has been appointed managing director and chief executive of Equatorial Resources, one month after stepping down as boss of Resolute Mining.

Equatorial, based in Perth, is a subsidiary of Great Australian Resources.

The ASX-listed company has two large-scale iron ore projects in the Republic of Congo and gold tenements in Papua New Guinea.

It held $41.2 million in cash and investments, as at September 30.

Having been an Equatorial director since 2010, Mr Welborn will assume the roles of managing director and chief executive immediately.

His remuneration comprises an annual salary of $300,000 plus superannuation and short- and long-term incentives – subject to shareholder approval.

Mr Welborn will also invest $450,000 in the company in the form of 1.5 million Equatorial shares priced at 30 cents each.

The former investment banker was responsible for a period of transformation at Equatorial, which included the acquisition and exploration of its iron ore assets, Equatorial said.

He led Resolute Mining as MD and CEO for five years, during which the company's market capitalisation grew from less than $200 million to more than $1 billion, with its share price more than doubling.

Mr Welborn is also a fellow of both the Institute of Chartered Accountants in Australia and Australian Institute of Management, as well as a member of the Australian Institute of Mining and Metallurgy.

Equatorial said it was pleased to have secured an executive of Mr Welborn’s experience.

“His decision to commit financially to the company is a strong positive indication of his motivation and dedication,” the company said.

Its shares were trading 14 per cent higher at 2:15pm AEDT to 36 cents.

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