BC Iron’s Managing Director Morgan Bell will be stepping down from his position and the Board of the Company.
The company said that experienced mining executive Alwyn Vorster has been appointed to the position of CEO effective 23 May 2016.
BC Iron Chairman Tony Kiernan has thanked Mr Ball for his “outstanding” contribution during his tenure with the company, adding that he will remain available to advise the company for an agreed period.
“Morgan has been an outstanding Managing Director for this Company and its shareholders. He has been an employee of BC Iron for almost 7 years, including the last 3.5 years as its Managing Director and leaves with our thanks and best wishes,” Nr Kiernan said.
“During this period Morgan has overseen and managed material Company growth across two operations whilst more recently overseeing and implementing the difficult but necessary decision to place our Nullagine Joint Venture into temporary suspension. Despite the challenges faced in the iron ore industry over the last 2 years, Morgan leaves BC Iron with a clean balance sheet and the opportunity to benefit into the future when the commodities cycle inevitably turns.”
Mr Bell said he was proud to be a part of the BC iron team for the past 7 years.
“Working with the Board and for the shareholders of BC Iron over the last 7 years has been a privilege and I am proud to have been an integral part of the team to bring the Nullagine Joint Venture into production and oversee the merger with and integration of the Iron Ore Holding’s operations in 2014,” he said.
“I am particularly proud of the fact that over this period we have been able to return substantial funds to our shareholders via healthy dividends. Whilst the last 2 years have been particularly challenging for BC Iron, I believe we have met these challenges head-on ad made the right decisions on behalf of the shareholders.”