IronClad Mining (ASX: IFE) was established to accelerate the development of the exciting Wilcherry Hill iron ore deposits located 40 kilometres north of Kimba on South Australia’s Eyre Peninsula.
The Wilcherry deposits contain coarse crystalline magnetite and low silica contents which enable low cost and efficient production of concentrates containing over 70% Fe with very low impurity levels. Mine start-up is scheduled for early 2012.
IronClad Mining snags former Brockman Resources MD to lead the company
IronClad Mining (ASX: IFE) has appointed former Brockman Resources (ASX: BRM) managing director and BHP Billiton (ASX: BHP) senior executive Wayne Richards to head up the company.
Richards will join the company as managing director on 1 March to spearhead development of the Wilcherry Hill iron ore project on South Australia’s Eyre Peninsula.
Among his accomplishments, Richards was most recently managing director of ASX-listed Brockman Resources, whose principal project – the Marillina iron ore project in Western Australia’s Pilbara region – expanded significantly during his four years with the company.
Prior to that, he held a senior executive position with BHP Billiton’s Iron Ore Division, with responsibility for integrating projects across BHP’s three iron ore business sectors – mine, port and rail.
“We pursued Wayne for the position given his extensive iron ore and corporate experience, including mine to market knowledge, as well as his outstanding track record of getting projects developed,” IronClad Mining executive chairman Ian Finch said.
“During his tenure at Brockman, he grew the business from an exploration company with a market capitalisation of A$30 million to close to A$1 billion in just four years.”
Richards said IronClad 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,” he said.
Maiden production from the mine is due to begin in the current March quarter, with the first shipment of iron ore on track to be exported to Chinese customers in the June quarter.
Last month IronClad secured a $6 million investment from Hong Kong-based investor New Page Investments which will be used to finance start-up works at the Wilcherry Hill site.
New Page Investments is the major shareholder in China-based global steel trading, distribution, processing and manufacturing company Novo Group, which is dual-listed on the Hong Kong and Singapore stock exchanges, and already has investments in the Australian iron ore industry.
IronClad has the potential to attract further investment as the company becomes the second smaller mining company to move into production in South Australia.
Importantly, the first two years of production from Stage One of the Wilcherry Hill project has already been sold to the Chinese steel mills under a comprehensive sales contract and marketing agreement.
Following Richards' appointment, Finch will now assume the role of non-executive chairman.
