Latrobe Magnesium appoints new CFO to oversee expansion plans

Aspiring producer Latrobe Magnesium (ASX: LMG) has appointed management executive John Collier to the role of chief financial officer (CFO), commencing at month end.

Mr Collier has 35 years’ experience in CFO, commercial director and company secretary roles for private and publicly-listed companies within the infrastructure, construction and professional services industries.

His career started with KPMG where he worked for 12 years and progressed to a senior audit and business services manager.

For six years from 2017, he was employed by CPB Contractors responsible for delivering station boxes and tunnelling for Western Sydney airport and Sydney Metro’s City and Southwest project.

During this time, he managed two contracts totalling $4.6 billion of design, engineering and construction work.

Mr Collier worked as CFO for Countplus for 24 months and BDO Australia for six years, where he gained experience with listed companies and accounting and advisory services with a combined revenue of more than $200 million.

He also worked for The Hills Motorway in 2005 (until it was acquired by Transurban for $2 billion) and spent four years with Australian Water Services.

Qualifications

Mr Collier has a bachelor of commerce degree from University of Tasmania and a masters of business administration from the Australian Graduate School of Management.

He is an associate of Chartered Accountants Australia and New Zealand as well as Financial Services Institute of Australasia, and a member of the Australian Institute of Company Directors.

Welcome to the company

Latrobe chief executive officer David Paterson welcomed Mr Collier to the company.

“John will be a great addition to the our senior management team,” he said.

“With our Stage 2 and Stage 3 developments costing in the order of $1.4 billion, his experience with the management and construction of larger projects will be invaluable.”

New strategy

Earlier this month, Latrobe announced it had devised a new strategy to accelerate the start of production and sales at its Victorian magnesium project.

The plan — which comes after commissioning of the project was delayed — focuses on the delivery of hydromet areas needed to produce magnesium oxide.

Magnesium oxide can be used as a feedstock at the main plant and as a saleable product.

Latrobe said it could provide an opportunity to bring in early cash while also proving its patented hydromet process.