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Penny Taylor
Norfolk Metals has shaken up its board, installing new leadership to drive a strategic pivot towards becoming a significant copper player in Chile’s mineral-rich fields.
The company has appointed respected mining executive Anthony McClure as executive chairman, effective immediately. A geology graduate of Macquarie University, he brings more than 35 years of technical, management and financial experience in the global resources sector, including board roles with Strickland Metals, Gateway Mining and Silver Mines.
Geologist Richard Pugh has joined as a non-executive director. He holds a degree in exploration and resource geology from Cardiff University, has more than 18 years of industry experience and is chief executive of Gateway Mining. He previously served as executive technical director and non-executive director at Strickland Metals and worked as a senior consulting geologist and exploration manager for several resources companies.
The pair now join non-executive director Leonardo Pilapil, following the departure of executive chairman Ben Phillips, who had served as a director since July 2021.
‘Norfolk’s transformational acquisition of the Ciclón Copper Project offers the perfect opportunity to reposition the Company’
Norfolk Metals executive chairman Anthony McClure
The board refresh signals Norfolk’s intent to execute its proposed “transformational” acquisition of the Ciclón copper project in northern Chile. The deal, comprising US$45 million (A$67.5 million) in cash and US$5 million (A$7.5 million) in shares, would propel Ciclón into the spotlight as Norfolk’s flagship asset and cornerstone of its copper ambitions.
The project sits in Chile’s world-class Domeyko Cordillera copper belt, a postcode that hosts behemoth mines including Collahuasi, Chuquicamata and La Escondida. It hosts an impressive JORC-compliant resource of 11.8 million tonnes grading 2.88 per cent copper equivalent: 8 million tonnes in the higher-confidence indicated category at 2.93 per cent, and 3.8 million tonnes inferred at 2.80 per cent.
The polymetallic deposit contains credits of copper, zinc, lead, silver and gold. Ciclón is particularly compelling because of its advanced stage. The brownfields asset comes with more than 40,000m of historical drilling, a 2021 feasibility study and permits for three underground mining operations, alongside a processing plant and tailings facilities.
Norfolk Metals executive chairman Anthony McClure said: “The reported JORC Resource highlights the quality and scale of the Ciclón Copper Project and reinforces our view that this is a compelling acquisition opportunity for Norfolk.”
To fund the acquisition and subsequent exploration, Norfolk plans to raise between A$100 million and A$120 million. Once the deal is done, management plans to hit the ground running with a proposed 53,000-metre drill campaign across its Chilean portfolio.
While Ciclón is set to be the main event, Norfolk also holds the Carmen copper project in Chile’s Atacama region. A maiden drilling campaign there last year returned encouraging results, including a 53m intercept grading 1.1 per cent copper from 62m. Carmen offers a dual-track opportunity, with a near-surface oxide copper blanket potentially suited to heap-leach processing and deeper sulphide potential.
As part of its sharpened focus on Chile, the company has shed its legacy assets. Its Roger River exploration licence in Tasmania expired in August and Norfolk now holds no ground in the state. Its Orroroo uranium project in South Australia is also considered non-core and is under review for a potential joint venture or divestment.
The corporate team has also been strengthened, with solicitor Sleiman Majdoub appointed joint company secretary alongside Arron Canicais. Majdoub brings corporate, commercial and legal experience, including advising mining explorers and supporting listed companies with reporting and compliance.
With a new, experienced leadership team at the helm and a high-grade, advanced copper asset in its sights, Norfolk has charted a bold new course. Now, it’s all about filling the war chest to bring its Chilean copper vision to life.
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