Emerging mineral resource company, Winmar Resources Limited (ASX: WFE) announced the successful completion of their board restructure yesterday. Thomas Durr and Michael Fry have been appointed as Non-Executive Directors, effective immediately.
Tom Durr is a qualified Mining Engineer with over 30 years’ experience of managing major capital projects and leading strategic management initiatives within the international mining and process industries. Former CFO and Financial Director at Swick Mining Services Limited, Michael Fry Is a highly-experienced finance and company executive, with a strong background in accounting and corporate advice having worked with KPMG and Deloitte.
Winmar’s Chairman Jason Brewer commented: “I am very pleased that Tom has agreed to join the Board of Winmar at this very exciting time in the Company’s growth. We have in a relatively short period of time set out a very clear and well supported strategy to acquire and advance cobalt projects in the Democratic Republic of Congo rapidly towards production. Tom’s project management, project controls, and construction management and procurement skills will be a tremendous asset to the Company as we move to now deliver to our shareholders.”
Winmar’s recent strategies have been focused on tapping into cobalt opportunities.
In March 2018, the company announced it had secured $3.1 million via a private placement of shares at 0.5 cents in order to advance its cobalt acquisition strategy. The funds will be used for due diligence on potential new cobalt acquisitions in the Democratic Republic of Congo (DRC) and up-front payments on new acquisitions.
Over 60% of the world’s cobalt production currently stems from the DRC. WFE is seeking to acquire exploration and mining licenses in the DRC to progress towards production.
Prices of Cobalt more than doubled in 2017 fuelled by rising demand for lithium-ion batteries.