Rio Tinto veteran McRae will lead TerraCom’s transformation into an independent, mid-tier global resource player, the company said.

Michael Avery will move to vice president corporate development and will remain on the Board as an executive director.

David Stone will become vice president operations, Karl Arnold who is currently Mongolian business unit head will move to chief financial officer, and Julien Lawrence will become chief development officer.

McRae said: “TerraCom’s group of senior executives is highly experienced. The team collectively have worked through all stages of the mining life cycle, as leaders, advisors, investors and mining contractors.

“The average experience of the executive team is 25 years. Several have worked and lived in developing environments as well as first world countries and the team has strong cross commodity experience.

“I will play an active and hands-on role and look forward to working with the board and management teams to build a profitable and value-enhancing business for shareholders.”