Magmatic Resources Ltd (ASX:MAG) has appointed founder and executive chairman David Richardson, who has extensive international corporate experience, as the company’s managing director, effectively immediately.
He will replace Adam McKinnon, who has resigned to pursue other opportunities but will work out his six-month notice period to assist with the transition.
David Berrie, who has a track record of building companies by focusing on exploration success, will step up from his current non-executive director role to become non-executive chairman and will resign as joint company secretary.
Considerable experience
Richardson has held senior executive roles in Australia and Asia with organisations including Pacific Dunlop and Amcor.
As founder of Magmatic in 2014, he led the purchase of four Gold Fields Ltd advanced gold-copper exploration projects in NSW and listed the company in 2017.
He has been responsible for Magmatic’s corporate activities, including multiple capital raisings, demerger by in-specie distribution and IPO of subsidiary Australian Gold and Copper Ltd (ASX:AGC) in 2021, and joint venturing the Myall copper-gold porphyry project with FMG earlier this year.
Exploration focus
This appointment is part of a board transformation that has included the appointment of Malcom Norris as non-executive director – technical, given his extensive experience in exploration with a focus on porphyry copper-gold discovery and development.
READ: Magmatic Resources strengthens board with industry leaders
His copper and gold porphyry discovery track record at Tujuh Bukit in Indonesia, and at Cascabel, Bramaderos and El Palmar projects in Ecuador, is expected to complement the company’s already strong technical team.
This includes exploration manager Stephen Oxenburgh, who has more than 30 years mineral exploration and evaluation experience, and Peter Smith, Magmatic’s senior geologist with more than 15 years of experience in base metals and gold exploration.
The exploration expertise extends to new chairman Berrie, who was part of the board and management team which led to the $1.2 billion hostile takeover of Summit Resources Ltd by Paladin Energy Ltd (ASX:ASX:PDN).
His 30 years of mining experience includes senior executive roles at Western Mining and BHP (ASX:BHP). Before this, he was a solicitor with the Mining Sections of Clayton Utz.
FMG investment
Christine Nicolau also recently joined the board as the representative of FMG Resources Pty Ltd, following their 19.9% investment in Magmatic.
READ: Magmatic Resources new JV with Fortescue (ASX:FMG) for Myall Project approves initial work program
Nicolau, who joined Fortescue in 2010, is that company's general manager Corporate Development LATAM and is responsible for critical minerals growth across the South Americas region.
In her previous role of Metals general manager LATAM, she coordinated Fortescue’s mineral business in Latin America. She has also served as manager Corporate Development.
Magmatic has thanked outgoing MD McKinnon for his contributions and wishes him success in his future endeavours.