THE BOURSE WHISPERER: Sheffield Resources (ASX: SFX) has appointed Bruce McFadzean as managing director of the company.
Sheffield said it believes McFadzean possesses the right skills set to progress the company’s world-class Thunderbird minerals sands project in Western Australia’s Kimberley region through to production.
McFadzean brings more than 35 years’ experience in the global resources industry to the post, which includes 15 years with BHP Billiton (ASX: BHP) and Rio Tinto (ASX: RIO) in a variety of positions.
He was also managing director of Western Australia gold miner Catalpa Resources, during which time he presided over the construction and operation of the Edna May gold mine, the acquisition of 30 per cent of the Cracow gold mine and the eventual merger into Evolution Mining (ASX: EVN).
Under his management, Catalpa’s market capitalisation grew from $10 million to $1.2 billion following the Evolution merger.
His arrival as MD, which is slated to take effect on 2 November, will result in a few changes to the company’s Board structure with current managing director Bruce McQuitty taking an executive director role and Will Burbury’s chairmanship also becoming a non-executive role.
“Sheffield is rapidly advancing the 100 per cent-owned Thunderbird project in order to meet an expected global supply shortfall in the mineral sands industry this decade,” Burbury said in the company’s announcement to the Australian Securities Exchange.
“The Board believes Bruce’s appointment will ensure Thunderbird is producing in a timely and effective manner for the maximum benefit of all stakeholders.
“We are very pleased Bruce has recognised the opportunity that Thunderbird presents, to the extent that the vast majority of his remuneration is share based and linked to delivery of key project milestones.”