WAL King is poised to chair African iron ore developer Sundance...

WAL King is poised to chair African iron ore developer Sundance Resources after veteran miner George Jones announced his retirement from the company.
Mr Jones, who will step down as chairman at the annual general meeting on November 29, said Mr King’s previous experience as chief executive of Leighton meant he had the ability and drive to develop the Mbalam-Nabeda project. “It is time for new energies,” Mr Jones said.
Mr King, who was appointed to the Sundance board as non-executive deputy chairman in May, is not concerned about the plunge in the iron ore price and says the project is on track to move from an “amber to green light” by mid-2015.
“The price of commodities really got ahead of itself in terms of cost structure and there are probably new mines and expansions that should never have gone ahead,” he said.
“I think iron ore might bend a little lower and then settle back around $US100 a tonne, plus or minus.
“This project has a fantastic resource in a low-cost environment. If it was in Australia it would have been developed long ago.”
The Sundance announcement came as reports about corruption claims at Leighton emerged.
Mr King is suing Fairfax Media for defamation after the group published a series of articles alleging he approved the payment of a bribe, while at Leighton, on a contract in Iraq.
Mr King has denied he knew anything about the alleged payments.
In Sydney yesterday to meet investors, he said that Sundance’s iron ore project had been around for so long that people had forgotten about it.
He said that there was a new impetus coming and he was confident it would be developed.
“I don’t think the construction is a huge issue, the issue is the ability to fund it and once it is funded it will be built and be a very profitable organisation,” he said.
Mr Jones was Sundance chairman between September 2006 and August 2009, when he resigned for health reasons.
He stepped back into the role in July 2010 after the company’s entire board was killed in a plane crash in the Congo.
“George, who leaves with the best wishes of the board, has led Sundance on its journey from a small iron ore explorer to an internationally recognised company,” Mr King said.
“Along the way, he has steered Sundance through its darkest hour, ensuring that it never lost sight of its ultimate destination.”
Mr Jones, who turns 70 next month, said the decision to step down had nothing to do with age, saying that he would remain involved in the resources sector.
“The experience over the time of the plane crash, I will never forget that,” he said.
“The emotional side of trying to do business and deal with people and families, that was an extraordinary experience.”