DIRECTORS OF LIBERIAN IRON ORE
Michael Frayne
Director
Mr Michael Frayne has a Bachelor of Commerce Degree majoring in accounting and finance, a Bachelor of Science Degree majoring in Geology and a Postgraduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He is Chartered Accountant and a member of the Australian Institute of Mining and Metallurgy.
Mr Frayne was previously employed at major international accounting firm Ernst & Young and consulted to a number of resource and commodity companies including BP, BHP, Wesfarmers and Reynolds Alumina Corporation. He then worked directly in the resource industry including Great Central Mines Ltd (now part of Newmont Ltd) which during his employment there grew from a gold explorer to the owner and developer of four major gold mines discovering over 10 million ounces of gold and annual production in excess of 400,00 million ounces a year. He then joined the corporate team of Minara Resources Ltd (formerly Anaconda Nickel Ltd) the majority owner of the US1.5billion Murrin Murrin Nickel Cobalt Project in Western Australia whose major investors were Anglo American Group and Glencore International. Minara Resources now has a market capitalisation of US$2.25b.
Since 2002 Michael has provided specialist corporate management and advice to the resource, commodity and energy sectors totalling over US$300m including acquisitions, successfully listing several companies with projects in Australia, Southern Africa, Asia, South America, onto the London and Australian stock exchanges. Most recently Michael founded and was the joint managing director of Asia Energy plc which has a US$1.2b coal development in Bangladesh ready to commence subject to the final government approval.
Richard Hill
Director
Richard has been responsible for conceiving, developing, building, running and operating large scale mining operations for a variety of resources, with a particular emphasis on africa and bulk commodities. This includes, Rosia Montana Gold Corporation SA (Romania), Australian Magnesium Corporation (Brisbane, Australia), Normandy Mining Ltd (Adelaide, Australia), DeBeers Botswana Mining Company (Botswana), Consolidated Diamond Mines of SWA (Namibia), SC Rosia Montana Gold Corporation SA, Australian Magnesium Corporation PTY Ltd, and Normandy Mining Ltd.
Whilst at SC Rosia (based in Alba Iulia in Romania), Richard was responsible for the management of the company in its pre-development stage. RMGC is the vehicle through which Gabriel Resources (Canadian) and the Government of Romania (through one of its mining arms - Minvest), and three other minor Romanian shareholders, plan to develop gold/silver ore bodies in the Apuseni Mountains region.
Dec 2001 to June 2003 Independent Consultant in Queensland Australia, providing independent consultancy services and advice to the Mining and Energy industries, and to lenders associated with these industries. The main assignments undertaken were support for the equity and debt acquisition activities for a metals production business in development, development of a scheme for the resale and re-use of waste water from a metals production operation, and review of options and development strategies for a power generation business in Queensland.
In addition, Richard was also responsible for the initiation and development of the concept of a pipeline to transmit natural gas from North West of Western Australia to Kalgoorlie (GGT JV - Normandy share ~A$ 165 M); for the generation of electricity (GP JV -Normandy share ~A$ 45 M), for use in process applications. The feasibility study, and preparatory development, involved the establishment of two joint ventures (with Western Mining Corporation and BHP in the GGT JV; and with TransAlta in the GP JV); the negotiation of a State Agreement with the Government of Western Australia.
Daniel Betts
Director
Daniel Betts holds a BA Honours Degree from Nottingham University. Dan spent 3 years at Accenture Business Consultancy and then joined The Stephen Betts Group, a family business which smelts, refines and re-processes precious metals of which he is currently a director. The business has strong connections with gold producing regions of the world and has established, and been involved in several businesses in West Africa. In 2005, following prolonged involvement in Liberia, Dan founded and is currently Managing Director of Hummingbird Resources Ltd, a private company which is exploring for gold and diamonds in Liberia.
Sebastian Marr
Director
Sebastian Marr holds a Masters Degree in Management Studies from St Andrews University, after which he worked in an Investment Bank in the City of London. He is currently working and a Director of family business, Andrew Marr International Ltd, based in Hull, UK, which is over 100 years old and is the largest private fish business in the UK, with sales of in excess of $500million. In particular, the business has very extensive trading interests throughout West Africa. Sebastian is also associated with several junior resource companies and is non-executive director of Hummingbird Resources.