Russell Scrimshaw resumes his working relationship with former Fortescue Metals (ASX:FMG) executives, David Mendelawitz (Managing Director) and Jim Williams (Non-Executive Director) and arrives eight months after the appointment of Mr. Donald Bailey (Chairman). Mr. Bailey was Chairman and CEO of LionOre (ASX:LIM); Chairman of BCL Ltd; and Deputy Mining Director of Rio Tinto plc. (NYSE:RIO) (LON:RIO), where he was responsible for the company's operations in South America, southern Africa and Continental Europe; amongst other senior roles. With the addition of Mr. Scrimshaw, Cleveland's board becomes majority independent.
Mr. Scrimshaw recently retired as Executive Director and Deputy CEO of Fortescue Metals Group Ltd. where he was part of the key management team that completed FMG's history-making iron ore mine, port and rail start up. At Fortescue, he was a lead member of the team that raised A$2.7 billion dollars in what was the largest ever high-yield Asia Pacific transaction, the largest high-yield bond raising ever, one of the largest corporate bonds out of Australia, and one of the largest in the resource sector worldwide. Mr Scrimshaw has negotiated billions of dollars of off-take agreements, signing agreements with approximately 50 steel mills, including all ten of China's top ten steel mills. Mr Scrimshaw remains as a Non-executive Director of Fortescue.
Prior to Fortescue Metals, Mr. Scrimshaw was a board member of Commonwealth Properties Ltd., EDS Australia, Mobilesoft Ltd., Telecom New Zealand Australia Pty Ltd., The Garvan Institute Foundation, and Athletics Australia. He previously held executive positions within the Commonwealth Bank of Australia (ASX:CBA), Optus, Alcatel, IBM (NYSE:IBM) and Amdahl USA.
Cleveland CEO David Mendelawitz said, "Knowing Russell, he will be a hands-on Non-Executive Director. His commercial and corporate rigour and international connections will cement the Company's strong start and will assist Cleveland to reach its corporate aspirations."
Mr. Scrimshaw said, "It is an honour to join the Board of a company with such excellent prospects. I am delighted to rejoin David and Jim, as well as the other members of the Board, in this time of significant advancement."
Subject to shareholder approval, Mr. Scrimshaw will be issued 3,000,000 options with an exercise price equal to a 20% premium to the 30 day volume-weighted average price as at the date of this announcement. The Options must be exercised before 31 December 2015 and are subject to performance milestones.
About Cleveland Mining Co Ltd
Cleveland Mining Company Ltd (ASX:CDG) is an Australian managed, ASX listed minerals company squarely focused on developing projects into mines. The company's management team have a track record for building successful projects from the ground up, providing Cleveland with the expertise to secure and build robust projects. Mining and production are underway at the Premier Gold Mine located in Crixas, in central Brazil. The company is also working to expand production developing the Lavra prospect, within the O Capitao Project, less than 10km away. Cleveland has a different approach to project selection with project economics driving target selection. Projects are chosen according to their likelihood of generating returns at the bottom of the economic cycle.
Rio Tinto Limited
Lionore Mining International Limited.
Fortescue Metals Group Ltd
Commonwealth Bank of Australia
Cleveland Mining Co Ltd