Freehill Mining (ASX: FHS) has reshuffled its board to advance its flagship Yerbas Buenas magnetite project in Chile and copper-gold potential at El Dorado.
Last week, the company revealed chief executive officer Peter Hinner had resigned to “pursue other business interests”.
The company noted Mr Hinner’s contribution to Freehill helped it achieve at least two critical milestones including upgrading the Yerbas Buenas resource and facilitating the El Dorado acquisition.
Rationale behind reshuffle
Freehill non-executive chairman Ray Mangion said the company’s asset portfolio was now broader with projects in both pre-development and exploration phases.
“As such, it is important that we strengthen our team so we can extract maximum value for shareholders and advance all projects more rapidly.”
“The near-term objectives are very straightforward: complete in-fill and extensional drilling on the YB6 structure to advance the project to commercial development stage; assess options for small scale, low-cost processing at the permitted YB1 magnetite mine to capitalise on growing demand for iron ore; and undertake an aggressive and extensive exploration program at El Dorado to define what we believe could be a very large copper structure,” Mr Mangion explained.
He added the projects give shareholders exposure to two highly desirable commodities – iron ore and copper.
“We are confident that the team we now have in place has the necessary skills and absolute focus to deliver.”
New chief executive officer to drive Freehill forward
Mr Hinner’s resignation was followed up with Freehill’s announcement this morning it had appointed current chief financial officer Paul Davies to the chief executive officer role.
Freehill pointed out Mr Davies has more than 30 years’ experience in finance and banking and has held senior roles with Deutsche Bank, Banks Trust and Macquarie.
He has also been with Freehill for more than six years.
Stepping into Mr Davies’ former chief financial officer role will be Greg Hammond, while Tom Sapountsis will provide governance and regulatory advice in his newly appointed company secretary position.
Geological and mining experience added
To shore up the board’s mining engineering experience, Freehill has added Jim Moore to the team.
Mr Moore joins in non-executive director capacity and is expected to provide “significant expertise” in progressing Yerbas Buenas into a magnetite operation.
To boost geological capability, Freehill has appointed senior geologists Gonzalo Naranjo Bischof and Ross Corbin.
Mr Bischof has more than 20 years’ experience and will be based in Chile. His main role will be planning the El Dorado drilling program in the company’s search for copper and gold.
From Australia, Mr Corben will provide support to Mr Bischof. Mr Corben has worked in the industry across multiple regions for 30 years. He has knowledge of Spanish and has previously operated in Peru, Colombia and Chile.