Fenix Resources Ltd (ASX:FEX) has appointed John Welborn, an internationally respected senior mining executive and company director, as a non-executive director.
The WA-based iron ore miner will benefit from Welborn’s expertise in steering listed companies through growth and change, and his considerable past successes presiding over flourishing share prices and soaring net value.
Welborn, who has an enviable record of generating strong returns for shareholders, has demonstrated his confidence in the company with a subscription for 10 million new Fenix shares at the current market price of $0.23 each – a total investment in the company of more than A$2 million.
Transformational leader
A former investment banker who has operated in the resources sector for more than 20 years, Welborn transformed Resolute Mining Limited during his tenure as its managing director and CEO.
He shepherded Resolute's market capitalisation from less than $200 million to more than $1 billion over a five-year period, tripling its share price and presiding over its ASX200 and London Stock Exchange debut.
Under his leadership, Resolute expanded its mining operations, which resulted in the production of more than 1.7 million ounces of gold.
Along with his experience at Resolute, Welborn oversaw an increase in share price of more than 300% in his role as chairman of Orbital Corporation Ltd. (ASX:OEC) He also brings iron ore experience from his time as a director of Equatorial Resources Ltd (ASX:EQX).
Welborn is director of Apollo Minerals Limited and is a former director of the World Gold Council, the Australia-Africa Minerals and Energy Group, and a former Commissioner of Tourism Western Australia.
He is a champion for responsible and sustainable mining development and was named by MiningMx as one of the 100 Most Influential People in Africa’s Mining Industry.
Fenix rising
The current iron ore price and market conditions provide both challenges and opportunities for Fenix.
With Welborn on board, the company has signalled its intention to commence a root-and-branch review to optimise its current operational strategy and evaluate growth opportunities.
In other corporate news, Warwick Davies has resigned as interim non-executive chairman and both he and Richard Nicholls-Maltman have resigned as company directors.