Shaw River Manganese has appointed a new chief operating officer, chief financial officer and chief metallurgist to lead the company into production at its Otjozondu Manganese Project in Namibia in 2012.
New COO Mr Rob Morrow has a track record of 25 years experience in the development of remote area mining infrastructure and operations. His previous role was as Project Director of the Karara magnetite project in Western Australia.
Mr Chris Parkinson, newly appointed CFO, is a chartered accountant with over 15 years experience. Prior to joining Shaw River Manganese, he led the Perth corporate finance team of Grant Thornton, a global accounting and advisory organization.
Mr Noel O’Brien, chief metallurgist, has a broad technical and operational knowledge of processing, logistics and project delivery in the international minerals industry based on 36 years experience in Australia and Africa.
The new appointments will also play important roles in Shaw’s plan to develop its substantial pipeline of other manganese projects in the Pilbara, Ghana and Namibia.
Shaw River’s acquisition of a 75.5% interest in the Otjozondu Manganese Project in Namibia last year, will fast track the company’s goal of becoming a global manganese producer. The company is set to begin producing manganese from its Otjozondu Manganese Project in 2012 at an initial rate of 250,000 tonnes per annum, targeting 500,000 tonnes per annum within four years.
With a Scoping Study indicating strong operating cash flows in 2012, using a manganese price of USD 4.50 per dry metric ton unit FOB, against a modest AUD 37 million capital cost for an initial 250,000 tonnes per annum operation, Shaw River's market value of USD 75 million looks low relative to significant cash flows to be generated in 2012.
Shaw River Manganese is a manganese focused mineral exploration company operating eight manganese projects: two projects located in Africa and six projects in Australia. Shaw River is currently focused on development of an open cut mining operation at its Otjozondu project in Namibia, with production targeted to commence in 2012. The company also plans to continue exploration of its Baramine project in the Pilbara and the Butre project in Ghana, while continuing to accumulate a world class inventory of high quality manganese resources which will be in high demand by the steel industry across all points of the economic cycle.
Shaw River will continue exploration of its other manganese projects including the Baramine project in the Pilbara region of Australia and the Butre project in Ghana, and will continue to accumulate a world class inventory of high quality manganese resources.
(Sourced from www.proactiveinvestors.com.au)
