Ferrexpo, a mining company with assets in Ukraine, has appointed Stuart Brown, formerly of De Beers, as an independent non-executive director to its board of directors.
According to the company’s information on Monday, Brown took office on October 22.
Ferrexpo also reports that Graeme Dacomb, who has been a member of the board of directors since May 2020, will resign from the board at the end of this year. It is clarified that Dacomb is currently the chairman of the audit committee, and Brown will take over from January 1, 2024, which will provide the necessary time for an orderly transfer of functions. Brown is also appointed as a member of the Audit Committee upon his appointment to the Board of Directors.
The press release states that Brown is an experienced mining executive with extensive board-level experience. He previously held the positions of CFO and CEO at De Beers and its various subsidiaries. Most recently, he served as President and CEO of Mountain Region Diamonds Inc. listed on the Toronto Stock Exchange and CEO of Firestone Diamonds Plc, formerly listed on the AIM of the London Stock Exchange.
It is also reported that after Brown’s appointment, the number of independent directors will increase to five, two of whom are women. After Dacombe’s resignation at the end of this year, the number of independent directors will be reduced to four.
Ferrexpo is an iron ore company with assets in Ukraine.
Ferrexpo owns a 100% stake in Yeristovo Mining, 99.9% in Bilanivsky GOK and 100% in Poltava Mining.
