McRae, who has had an extensive career in the mining industry globally, will replace Craig Wallace, who was acting in the role of chairman.

McRae served a 28 year career with Rio Tinto, holding executive level positions in five countries.

He was CEO-President of Oyu Tolgoi (OT) copper-gold business in Mongolia, CEO of Richards Bay Minerals in South Africa, Managing Director of Murowa Diamonds in Zimbabwe and Project Director for the Hail Creek Coal Mine Expansion Project in Central Queensland.

In 1995 he was also a key member of the M&A team that brought RTZ plc and CRA Limited together to form the dual listed Rio Tinto.

McRae’s career highlight to date was leading the establishment of the OT business – Mongolia’s world class mega project in the Gobi Desert. OT commenced construction in 2010 and the $US6 billion project was commissioned ahead of schedule and moved to full production before he left in October 2013.

As a business leader McRae delivered successful greenfield and brownfield construction projects in three continents, overarching business transformations and business improvement projects. At corporate level he delivered sectoral and country strategies, global IS&T projects and sponsored cross business unit collaboration projects.

McRae’s track record in leading and completing many M&A deals and closing key commercial transactions is excellent. His business development experience is strong as he lead pre-feasibility and feasibility studies as well as business development teams focused on identifying acquisition opportunities.

In Mongolia, McRae has been formally recognized by the government and business associations for services to business and the mining sector and he currently lives in Mongolia with his family.