Magnetite Mines has appointed two new non-executive directors to help guide the iron ore player into production, with a DFS due later this year.

Magnetite Mines has gone for global business acumen and mining expertise adding Jim McKerlie and Paul White to its board as non-executive directors.

The Magnetite (ASX:MGT) board will now comprise a majority of independent non-executive directors, in line with ASX best practice recommendations.

It bolsters the company’s corporate governance credentials as it moves to the next phase of development on the Razorback Iron Ore Project in South Australia with a DFS due for completion later this year.

Global business and mining expertise

Both new appointees bring a wealth of knowledge to the iron ore miner, and both are strong believers in the role high-grade iron ore will play in a greener world economy.

McKerlie has more than 30 years’ experience transforming digital, media, technology, energy, and professional services organisations.

He has held senior roles and board positions for ten public company boards including ASX200 companies.

During his time as Drillsearch Chair, McKerlie oversaw numerous M&A transactions and international capital raisings allowing the company to enjoy extraordinary growth under his leadership.

He has been Chair of four technology and minerals companies that have all undertaken a successful IPO and has extensive experience in fundraising in Equity and Capital Markets.

“It is very exciting to be involved in this significant growth opportunity that has the potential to not only reward shareholders over the long term, but to make a major contribution to regional and state development in South Australia,” he said.

“Even more important is the prospect of being part of driving Australia towards a greener future through the development of the high-quality iron ore the Company has in its reserves.

“I look forward to bringing my experience in growing Australian resource companies to Magnetite Mines and working with the board and management to build a great success story.”

White, most recently the CEO of the Brisbane Broncos NRL business, has a long history of experience in mining, with expertise in people strategy, business transformation and community stakeholder relations including global mining giants Anglo American and Glencore-Xstrata.

He said the global market for iron ore is reaching a point where grade, jurisdiction, ability to scale and operational capability are becoming critically important.

“Magnetite is well placed to deliver on each of these points against a backdrop of continuing global demand for higher- grade iron ore and increasing challenges in the availability of supply (at grade) from existing sources.”

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