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Australian Mines welcomes new CFO from Fortescue

The company is focused on its flagship Sconi Cobalt-Nickel-Scandium Project in Queensland.

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Marcus Hughes will officially commence on Monday 3 December 2018

Australian Mines Limited (ASX:AUZ) has appointed Marcus Hughes to the position of chief financial officer (CFO).

Hughes has 20 years of experience with listed companies, most recently with iron order producer Fortescue Metals Group Ltd (ASX:FMG), where he spent eight years as finance group manager.

His involvement with project financing and capital raisings will be a valuable addition to the executive team.

READ: Australian Mines’ Sconi scandium oxide verified for phase II scandium alloy development

Australian Mines’ managing director Benjamin Bell said: “We have been systematically building the depth of our executive management team over the past 12 months and I couldn’t be more pleased to secure the services of a Chief Financial Officer of the calibre of Marcus Hughes.

“Marcus’ immediate past experience is an ideal fit for Australian Mines, as we prepare to commence our transition from explorer to project developer following the imminent release of a bankable feasibility study on our Sconi Cobalt-Nickel-Scandium Project in North Queensland.

Hughes to take on lead role in funding negotiations

“His specific skills in the implementation of project financing and equity raisings will be invaluable as he takes on a lead role finalising negotiations and executing a suitable financing package for the construction of the Sconi Project.

“I look forward to Marcus’ contribution to the executive team at this critical time for the company, including leveraging his experience managing regulatory authority compliance, risk reviews and audits.

“In the medium term, we will also benefit from his expertise in building finance functions through the initial production phase of mining operations, as well as supporting project expansion activities once operations are established.”

READ: Australian Mines subsidiary IPO now closed ahead of ASX debut

Australian Mines’ subsidiary Norwest Minerals Ltd (ASX:NWM) recently closed its initial public offer (IPO), which raised $6.6 million through offering shares at 20 cents.

Norwest holds Australian Mines’ non-core gold and base metals exploration assets in Western Australia.

Quick facts: Australian Mines Ltd

Price: 0.015 AUD

ASX:AUZ
Market: ASX
Market Cap: $59.42 m
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