McFadzean will take the reins from Bruce McQuitty, who will transition to the role of non-executive director, while Will Burbury will move from executive chairman to non-executive chairman as part of a broader reshuffling of the board.
Sheffield said McFadzean would bring more than 35 years of experience in the resources sector globally, giving him the right skill set to progress its flagship Thunderbird minerals sand project in the Kimberley.
The company aims to start construction at the zircon-rich deposit in 2017, with production scheduled for 2019.
McFadzean previously lived in the Kimberley region for the better part of a decade, working for BHP Billiton at its Koolan Island iron ore mine and for Rio Tinto at its Argyle diamond mine.
All told, he worked for 15 years between the two mining giants, also helping with the construction and operation of Rio’s Kelian gold mine in Indonesia.
The incoming boss also showed his chops as managing director of Catalpa, where he oversaw the construction and operation of the Edna May gold mine, the acquisition of 30% of Cracow gold mine and the eventual merger into Evolution Mining.
The Evolution merger led Catalpa from a market capitalisation of $10 million to $1.2 billion.
“Sheffield is rapidly advancing the 100%-owned Thunderbird project in order to meet an expected global supply shortfall in the mineral sands industry this decade,” Burbury said.
“The board believes Bruce’s appointment will ensure Thunderbird is producing in a timely and effective manner for the maximum benefit of all stakeholders.
“We are very pleased Bruce has recognised the opportunity that Thunderbird presents, to the extent that the vast majority of his remuneration is share based and linked to delivery of key project milestones.
“I would also like to acknowledge the significant accomplishments of Sheffield’s small management team, in particular our outgoing managing director, Bruce McQuitty who has done a terrific job and will be remaining on the board with me as an active non-executive director.”
McFadzean will receive cash remuneration of $175,000 per annum, with another $175,000 to be share-based.
