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VRX Silica strengthens its Board of Directors, appoints new Non-Executive Director

Highlights 

  • VRX Silica Limited (ASX:VRX) has appointed Mr David Welch as its Non-Executive Director.
  • Mr Welch has a successful track record in the development, planning and operation of infrastructure and logistics supply chains for commodities markets.
  • VRX is committed to operate its business to the highest standards of ESG performance.

Australian silica sand explorer VRX Silica Limited (ASX:VRX) has recently strengthened its Board of Directors with the appointment of a new Non-Executive Director – Mr David Welch.

VRX is engaged in the development of world-class, high-grade silica sand projects in Western Australia. The Company is advancing three high-quality silica sand projects in Australia – Muchea, Arrowsmith North and Arrowsmith Central Silica Sand Project. The Company’s projects represent multi-decade-scale-contiguous sand deposits that have a combined resource of 1,056 million tons, at SiO2 grade of 99.6% to 99.9%.

Do Not Miss: VRX Silica continued to make inroads into Arrowsmith North Project in June 2021 quarter

The bankable feasibility studies for these three advanced projects have outlined capital expenditure of just AU$87 million, post-tax NPV10 of AU$728 million, IRR (internal rate of return) of 83% and annual EBIT (Earnings before interest and taxes) of AU$137 million.

Mr David Welch’s rich experience

Mr David Welch is a well-credentialed and experienced senior executive with a successful track record in the development, planning and operation of infrastructure and logistics supply chains for commodities markets, including agriculture, mining, and industrial products sectors.

In the past, Mr Welch held senior executive positions within Australia’s largest rail freight operator, Aurizon Holdings Limited, from 2007 to 2017. These positions included VP Market Development and EVP Strategy and Business Development, and VP Iron Ore. At Aurizon, he had direct responsibility for business transformation and performance, strategy, commercial negotiations, major projects, stakeholder engagement, M&A, joint venture management and business development.

Previously, from 1998 to 2006, Mr Welch was the Managing Director of The Millennium Group. From 1989 to 1994, he was a Marketing Manager at CSBP Limited (part of the Wesfarmers conglomerate), where he was responsible for the management of mining reagent logistics.

Mr Welch holds a Bachelor of Commerce (1st Class Hons) degree from the University of Western Australia.

VRX committed to high-value ESG standards

With the world moving towards a low-carbon future, VRX is committed to operate its business to the highest standards of ESG (Environmental, Social, and Governance) performance. The Company applauds the fact that expectations of corporate behaviour are shifting, and investment capital is being redirected towards more responsible businesses.

Related Article: VRX Silica highlights its commitment to series of ESG initiatives

The Company’s ESG program intends to discover new opportunities, lower risk, and promote efficiencies across its projects, especially in support of potential glass production in Western Australia. VRX considers its ESG program as the right approach to take as it charts a path to play its role in a cleaner world.

Recently, VRX has engaged ESG specialist Futureproof Consulting to ensure proper data disclosures and framework alignment. With the support of Futureproof, the Company intends to monitor, measure, and report on its sustainability progress.

Interesting Read: What the future has in store for VRX Silica’s world-class silica sand projects?

Next Steps – 2021 and Beyond

As of 3:22 PM AEST, VRX shares are trading at AU$0.225.

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