Macro Metals names Tolga Kumova new Chair 

Iron ore explorer Macro Metals (ASX:M4M) has appointed well known industry figure and successful mining investor Tolga Kumova as its Chair to help drive its iron ore projects in Western Australia’s Pilbara region into production.

Kumova is replacing Peter Huljich, who is retiring as non-executive Chair.  

The market welcomed the news, with shares advancing over 19% to an intra-day peak of $0.043 yesterday (16 May 2024), before closing the day 5.6% higher at $0.038. 

Kumova, a former young rich lister, has had successes with several junior mining companies including Syrah Resources (ASX:BGL), which he led from a micro cap explorer to an ASX 200 graphite producer. 

He is also on the boards of Canada-focused nickel and gold explorer Aston Minerals (ASX:ASO), African Gold (ASX:A1G) and European Cobalt. 

Macro Metals made several board changes earlier this year in parallel with the acquisition of six iron ore exploration licences across the Midwest and West & Central Pilbara.

Kumova was initially appointed as a non-executive director in early March 2024, along with Evan Cranston – also a non-executive director, Simon Rushton as Managing Director and Robert Jewson as executive Technical Director.  

Outgoing Chair Peter Huljich says over the past five years the company has been on a journey to convert the company from explorer into an iron ore producer. 

“This transition is on the verge of completion with appointment of the new board, and their considerable experience in creating highly valuable companies, placing the company in good hands for the final step of the transition,” he says.

During his time at Syrah, Kumova led the company from definition of a resource through to being fully funded for development of the Balama graphite deposit in Mozambique.

Following the board refresh, Macro has also made the decision to look for a counterparty to take its Agbaja Iron and Steel Project in Nigeria through to development.

The company says the board determined that further commitment of resources to the Agbaja Project is not aligned with its strategic focus on becoming a Pilbara-based iron ore producer.

Rushton says the plan is to maximise value from the project for shareholders and immediately apply any realised value to furthering the development and operational readiness activities at the Cane Bore, Goldsworthy East and Catho Well projects. 

“This in turn will further delay any need to raise capital,” he says. 

Macro Metals has a market capitalisation of $116.4 million.

The Cane Bore and Catho Well projects are located adjacent to Mineral Resources’ (ASX:MIN) Ken’s Bore Project infrastructure, including camp, airport with sealed runway and haul road running to the Onslow Port 141km away.

The Goldsworthy East Project is located directly adjacent to BHP’s (ASX:BHP) Goldsworthy Iron Ore Mine, which produced 55 million tonnes at 63.5% between 1965 and 1982. 

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Images: Tolga Kumova & Macro Metals
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Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.