Cyclone Metals Ltd (ASX:CLE) has restructured its board to align with the future direction of the company.
The company has tapped Paul Berend to the position of executive director and CEO with effect from May 1.
Berend brings more than 20 years of experience in the iron ore and steel industry acquired in blue chip as well as junior mining companies worldwide.
Blue chip experience
Impressive previous corporate roles include general manager Business Development for Rio Tinto (ASX:RIO) Iron Ore and general manager Corporate Strategy for ArcelorMittal, the world’s largest steel producer.
Berend has also worked for Hatch (director advisory services for Australasia), McKinsey & Company and Partners in Performance, and has a successful track record in identifying and developing early-stage mining projects.
He is the founder and past CEO of Trans-Tasman Resources Ltd (a titano-magnetite project in New Zealand), and has worked extensively with private equity and specialised funds to identify and develop early-stage mining projects and turn around undervalued producing mineral assets.
Berend has an MBA from HEC (Paris, France), a MSc and DEA (~PhD) in chemical process design and chemistry from ENSIC (Nancy, France), a Bachelor in applied mathematics and algebra from Harvard University and is a graduate of the Australian Institute of Company Directors.
Developing the Block 103 asset
Importantly, Berend will be integral in leading the development of the Block 103 mineral asset, including defining a maiden mineral resource estimate (MRE), executing metallurgical and pelletising test work, building a trial pilot plant, completing environmental mitigation studies and further engineering and feasibility studies.
Project Block 103 is one of the largest undeveloped magnetite iron ore projects in the world (historical NI 43-101 compliant mineral resource of 7,200 million tonnes @ 29.2% iron) and is only 20 kilometres from an open access heavy haul railway with access to renewable hydropower.
Berend’s strong record in the iron ore industry, specifically in the development of magnetite deposits and large-scale iron ore projects, will give Cyclone unparalleled capabilities to successfully develop project Block 103.
“I am thrilled to be joining the company at such an exciting time, and I look forward to working closely with the board, our shareholders, and most importantly, our Canadian stakeholders, to responsibly develop Block 103,” Berend said of his appointment.
“Block 103 is a critical mineral resource – globally – as it could produce low cost DRI2 grade pellets on a large scale, which the steel industry desperately needs to reduce its carbon footprint.”
In other news from Cyclone, non-executive chairman Terry Donnelly steps down as company director, effective April 13, to pursue other business interests.
The board thanked Donnelly for his service to the company and wished him the best with his future endeavours.
Tony Sage continues to provide the services of executive director to Cyclone via Okewood Pty Ltd. In line with the board restructure, Sage will assume the role of executive chairman to the company and work closely with Berend to drive shareholder value.
“I am delighted to welcome Paul to the board of Cyclone,” Sage said. “His wealth of experience in iron ore and steel production will underpin the success of the company as we focus on developing our world-class Block 103 magnetite iron ore project.”