Magnetite Mines directors take hands-on roles as production nears
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Magnetite Mines has sharpened its strategic focus with some leadership changes as it rapidly moves toward construction of its Razorback project in South Australia.
Magnetite Mines (ASX:MGT) has moved two of its directors into senior operational positions in order to accelerate the development of its Razorback project for high-grade iron ore.
Current company chairman, Peter Schubert, is also stepping into the role of interim chief executive as the company begins work on a pre-feasibility study (PFS) for its Razorback mine.
Non-executive director Mark Eames, who has provided consultancy services to the company, will take on the additional role of technical director starting from May.
Schubert said the new appointments “will sharpen the company’s strategic focus as it moves towards the more intensive phase of bringing Razorback into production.”
“All of the necessary building blocks are now in position for Magnetite Mines to successfully advance Razorback into production,” he added.
Both executives have been instrumental in driving the company’s growth strategy and have played a pivotal role in furthering the development of the Razorback project.
Magnetite Mines’ board believes the role changes will clarify the company’s organisational structure, sharpen its strategic focus, and provide greater certainty as it works towards bringing Razorback into production by 2024.
The senior appointments also deepen Schubert’s and Eames’ commitment to the company, shareholders and stakeholders, and provide a continued consistency in its leadership.
The company has already assembled a talented team of experts to deliver the PFS for the proposed Razorback mine and their report is expected to be published in July.
Schubert assumed the role of chairman at Magnetite Mines in September 2018 and has carried out additional operational responsibilities akin to a chief executive role.
Over the past 18 months, he has worked with the board to set out a clear vision for the company and the development of its Razorback project and led a capital raising.
Eames has made a material contribution to the company’s strategic direction and Magnetite Mines’ board wanted to formalise his role by appointing him as technical director. He will provide leadership and technical direction to the Razorback PFS team.
Earlier this month, the company was awarded a new iron ore tenement in the Braemar region of South Australia, Muster Dam, which will be integrated into the PFS for Razorback.
The Muster Dam tenement is located 40km southeast of the railway town of Olary, 75km from a high voltage powerline, and 110km from the mining town of Broken Hill.
Schubert said there are many overlapping synergies in its Razorback project that can be immediately and advantageously applied to the Muster Dam iron project.
This article was developed in collaboration with Magnetite Mines, 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.