FORMER Brockman Resources managing director Wayne Richards will join IronClad Mining after a six month international search for a new boss.
Mr Richards grew Brockman from a $30 million market capitalisation to close to $1 billion before the company was taken over by Hong Kong's Wah Nam Group late last year.
Mr Richards left the company in September after Wah Nam acquired a majority stake in Brockman, which owns the Marillana iron ore project in Western Australia's Pilbara region.
Prior to his time at Brockman, Mr Richards was a senior executive in BHP Billiton's iron ore division. IronClad executive chairman Ian Finch, who will now step back to a non-executive role, said Mr Richards was the stand out candidate.
"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.
RELATED COVERAGE IronClad deal with HK buyer The Australian, 2 days ago IronClad raises $6m for Eyre mine Perth Now, 11 Jan 2012 IronClad gets Wilcherry mine approval Perth Now, 3 Jan 2012 IronClad's Wilcherry Hill gets green light Perth Now, 23 Dec 2011 Wah Nam mops up Brockman shares The Australian, 12 Dec 2011
"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 is soon to start production at its Wilcherry Hill iron ore project on the Eyre Peninsula, which will initially export about one million tonnes per year.
The first two years of production from Wilcherry Hill, near Kimba, has already been sold to steel mills, along with half of the forecast production for the following two years.
Mr Richards said his initial focus would be growing production to 10 million tonnes per year.
"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." IronClad shares were up 4c at 80c in early trade.
BRM Price at posting:
$2.15 Sentiment: Hold Disclosure: Held
