Cyclone Metals has restructured its board to add a new executive director and CEO in highly-experienced iron ore and steel executive Paul Berend as it redirects to pursue its new Block 103 Magnetite Iron Ore Project in Canada.
The project is the largest undeveloped magnetite iron ore project in the world with an initial NI 43-101 compliant mineral resource of over 7.2 billion tonnes grading 29.2% iron.
And Berend has over 20 years of experience and successful track record in the iron ore and steel industry, with previous roles including GM Business Development for Rio Tinto Iron Ore and GM Corporate Strategy for ArcelorMittal, the world’s largest steel producer.
Specifically, he has experience in the development of magnetite deposits and large-scale iron ore projects, is the founder and historic CEO of Trans-Tasman Resources Ltd (a titano-magnetite project in New Zealand) and has worked extensively with private equity and specialised funds to identify and develop early-stage mining projects and turn around undervalued producing mineral assets.
All of this provides Cyclone Metals (ASX:CLE) with unparalleled capabilities to successfully develop project Block 103.
Low cost low carbon development opportunity
The company says Berend will be integral in leading the development of Block 103, including defining a maiden JORC 2012 compliant resource, executing metallurgical and pelletising test work, building a trial pilot plant, completing environmental mitigation studies and further engineering and feasibility studies.
“I am thrilled to be joining the company at such an exciting time, and I look forward to working closely with the board, our shareholders, and most importantly, our Canadian stakeholders, to responsibly develop Block 103,” Berend said.
“Block 103 is a critical mineral resource – globally – as it could produce low cost DRI2 grade pellets on a large scale, which the steel industry desperately needs to reduce its carbon footprint.”
Executive team will drive shareholder value
Other board changes include the resignation of non-executive chairman Terry Donnelly as director of the company effective 13 April 2023, along with executive director Tony Sage assuming the role of executive chairman, where he will work closely with Berend to drive shareholder value.
“I am delighted to welcome Paul to the Board of Cyclone,” Sage said.
“His wealth of experience in iron ore and steel production will underpin the success of the company as we focus on developing our world-class Block 103 magnetite iron ore project.”
This article was developed in collaboration with Cyclone Metals Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.