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January 2016 Peter Ravenscroft Tel: +1 646 374 2429 Email: [email protected] Web: www.burgundymining.com Mining industry executive with over 35 years experience in a range of countries, commodities and operating environments. Creative leader with vision, backed by deep technical knowledge and hands-on experience. Specialties Pragmatic approach to simplifying technical issues and maintaining economic perspective Exploration, resource/reserve evaluation, mine planning, feasibility studies, due diligence and M&A Specialisation in diamond resource/reserve estimation, including complex relationships between grade, size distribution and price. Summary Currently owner at Burgundy Mining Advisors, a boutique mining consultancy providing strategic advisory services to a range of multinational, mid-cap and junior resource companies. Particular involvement in Canadian diamond industry, being Qualified Person for several major diamond producing and exploration companies. Until 2011, Head of Global Exploration for Cliffs Natural Resources Inc, then a $15B emerging US mid-cap focused on steel feed commodities. Created and built new exploration function as part of global diversification strategy. In short time, developed pipeline of 15 exploration projects worldwide and grew team of high performing professionals dispersed across 6 offices on 5 continents. Involvement in a number of commercial earn-in type deals with junior companies. Previously Managing Director, Technical Evaluation Group at Rio Tinto based in London, with global accountability for internal technical reviews of all major capital projects going before the Rio Tinto board. Also group accountability for the compliance of all Rio Tinto companies’ mineral resource and ore reserve reporting. 17 years with Rio Tinto, in a variety of roles in the UK, Australia and Canada, with particular involvement in diamond projects and operations. General Manager Resource Development for Hamersley Iron, leading the exploration, resource evaluation, mine geology, mine planning, geotechnical, metallurgical development and environmental functions for operations and projects during the early stages of Rio Tinto’s multi- billion dollar expansion in Western Australian iron ore. Before joining Rio Tinto, nine years in the southern African mining industry, with De Beers, Anglo American and Gencor, and as a geostatistical consultant in France and Canada for 18 months. Built resource models, managed resource definition programmes, performed resource/reserve reviews and audits, developed mine plans and schedules, directed strategic planning studies, worked in numerous prefeasibility and feasibility study teams, managed order of magnitude studies, headed large due diligence teams, run major technical reviews of world-class capital projects and successfully created and lead innovative new exploration strategy for diversifying mid-cap. Originally graduated in Operations Research and Mathematical Statistics at the University of Cape Town, and Masters degree equivalent in Geostatistics from the Centre de Géostatistique of the Ecole des Mines de Paris in Fontainebleau, France. Fellow of the AusIMM and member of Australian Institute of Company Directors. Fully bilingual in English and French.

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Page 1: Peter Ravenscroft CV January 2016 - Burgundy Miningburgundymining.com/WordPress3/wp-content/uploads/Peter-Ravenscr… · Peter Ravenscroft Tel: +1 646 374 2429 ... and Masters degree

January 2016

Peter Ravenscroft Tel: +1 646 374 2429

Email: [email protected] Web: www.burgundymining.com

Mining industry executive with over 35 years experience in a range of countries, commodities and operating environments.

Creative leader with vision, backed by deep technical knowledge and hands-on experience. Specialties • Pragmatic approach to simplifying technical issues and maintaining

economic perspective • Exploration, resource/reserve evaluation, mine planning, feasibility

studies, due diligence and M&A • Specialisation in diamond resource/reserve estimation, including

complex relationships between grade, size distribution and price.

Summary

Currently owner at Burgundy Mining Advisors, a boutique mining consultancy providing strategic advisory services to a range of multinational, mid-cap and junior resource companies. Particular involvement in Canadian diamond industry, being Qualified Person for several major diamond producing and exploration companies. Until 2011, Head of Global Exploration for Cliffs Natural Resources Inc, then a $15B emerging US mid-cap focused on steel feed commodities. Created and built new exploration function as part of global diversification strategy. In short time, developed pipeline of 15 exploration projects worldwide and grew team of high performing professionals dispersed across 6 offices on 5 continents. Involvement in a number of commercial earn-in type deals with junior companies.

Previously Managing Director, Technical Evaluation Group at Rio Tinto based in London, with global accountability for internal technical reviews of all major capital projects going before the Rio Tinto board. Also group accountability for the compliance of all Rio Tinto companies’ mineral resource and ore reserve reporting. 17 years with Rio Tinto, in a variety of roles in the UK, Australia and Canada, with particular involvement in diamond projects and operations.

General Manager Resource Development for Hamersley Iron, leading the exploration, resource evaluation, mine geology, mine planning, geotechnical, metallurgical development and environmental functions for operations and projects during the early stages of Rio Tinto’s multi-billion dollar expansion in Western Australian iron ore. Before joining Rio Tinto, nine years in the southern African mining industry, with De Beers, Anglo American and Gencor, and as a geostatistical consultant in France and Canada for 18 months.

Built resource models, managed resource definition programmes, performed resource/reserve reviews and audits, developed mine plans and schedules, directed strategic planning studies, worked in numerous prefeasibility and feasibility study teams, managed order of magnitude studies, headed large due diligence teams, run major technical reviews of world-class capital projects and successfully created and lead innovative new exploration strategy for diversifying mid-cap.

Originally graduated in Operations Research and Mathematical Statistics at the University of Cape Town, and Masters degree equivalent in Geostatistics from the Centre de Géostatistique of the Ecole des Mines de Paris in Fontainebleau, France. Fellow of the AusIMM and member of Australian Institute of Company Directors.

Fully bilingual in English and French.

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Peter Ravenscroft

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CAREER Burgundy Mining Advisors Ltd from 2011

Formed boutique mining consultancy, initially based in France but now registered in the Bahamas. Focused on high-level strategic advisory services to major mining companies and junior explorers, providing expertise in the areas of strategic planning, project evaluation and technical review. Ongoing advisory relationships with several global multinationals and focused review work for smaller iron ore and diamond mining and exploration companies. Acting as independent Qualified Person under NI 43-101 guidelines for Canada’s largest diamond company and several major diamond exploration companies. Cliffs Natural Resources Inc. / Portman Iron Ore Ltd 2007 to 2011

Head of Global Exploration 2009 - 2011 Conceived and created new global exploration capability for Cliffs. Starting with tentative mandate and budget, developed this core component of global diversification strategy leading to quality portfolio of exploration projects underpinned by a $65M budget and team of high performing professionals dispersed across six offices on five continents. • Developed concept of early-stage exploration being a strategic alternative to difficult

M&A in overheated 2007/08 market and convinced executive and board of continued strength of this strategy in 2008 downturn.

• Implemented out-sourced business model with highly geared small internal team and a range of commercial relationships with junior companies, majors, government agencies and private investors.

• Built portfolio of some 15 exploration projects focused on core steel feed commodities as well as diversification options into base metals. One exciting discovery already accelerated to scoping study stage.

• Identified and spearheaded strategic entry into Mongolia, culminating in establishment of local partnerships and JVs and opening of office in Ulaan Baatar.

• Championed game-changing pursuit of IOCG (iron oxide copper gold) opportunities in Chile, Peru, Mexico, Canada and Sweden.

• Introduced a number of innovative commercial relationships and implemented partnership with leading edge geophysical technology development company.

Vice President Technical, Asia Pacific 2007 - 2009 Dual technical / business development role based in Perth office during final 100% acquisition of ASX listed Portman by US-based Cleveland Cliffs Inc. • Initiated and drove major exploration and resource development program for

Portman Iron Ore, targeting a tripling of ore reserve base to underpin major expansion. Successful in a number of greenfield and brownfield reserve additions, including identifying and negotiating acquisition of largest undeveloped hematite resource in the Yilgarn region of Western Australia.

• Rebuilt dysfunctional technical team from 10 to over 30 people and introduced industry standard safety practices and HR management processes.

• Strengthened environmental management systems and accelerated environmental approval processes. Lead protracted negotiations with Western Australian government over proposed conservation parks. Built internal land management capability and improved relationships with traditional owners.

• Lead due diligence activities on potential iron ore, coal and other M&A in Australia, New Zealand, Canada, Indonesia, Philippines and South Africa.

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Peter Ravenscroft

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Rio Tinto / RTZ / CRA 1990 to 2007

Managing Director (Global Practice Leader) Evaluation 2005 - 2007 Accountable to the Rio Tinto Investment Committee for independent technical review of all major capital transactions. Lead senior team of experienced technical specialists, providing technical comment on integrity of all aspects of capital proposal from resource definition through project design, capital and operating cost estimate, implementation plan, sustainable development and financial model. • Projects reviewed during this period include multi-billion dollar greenfield

mine/plant/infrastructure developments, transformational business unit brownfield expansions, potential significant acquisitions and disposals and large sustaining or expansion capital proposals from current operations.

• Accountable for governance aspects of all mineral resource and ore reserve reporting across Rio Tinto, ensuring continued compliance with evolving international reporting codes.

General Manager Resource Development 2003 - 2005 Hamersley Iron/Pilbara Iron Headed division of some 300 people with annual budget of A$100 million. Responsible for all exploration, resource evaluation, mine geology, geotechnical and hydrogeological, short-term to strategic mine planning, metallurgical development and environmental groups, initially for the Hamersley Iron operations and later for the combined Hamersley and Robe River organisation. • Instrumental in accelerating drilling and evaluation programmes and order-of-

magnitude/prefeasibility studies for new and expanded mines at the start of the early boom period, while improving safety performance of employees and drilling contractors. This work now underpins ongoing multi-billion dollar capital investment made by Rio Tinto in Western Australia.

• Frequently acted as Managing Director of Hamersley Iron, Rio Tinto’s largest operating business unit.

• Seconded in 2005 to lead significant portions of the Mining stream of Rio Tinto’s IPT (Improving Performance Together) change programme, focusing on delivering long-term corporate value through collaborative improvements in Orebody Knowledge and Strategic Mine Planning activities across the Group. Target long-term value of this work was estimated at US$3 billion, and formed the basis of transformed structures and practices across Rio Tinto.

Rio Tinto Technical Services 1990 – 2003 Variety of internal consulting roles initially focused on geostatistics and resource estimation, progressing to Regional General Manager in Western Australia. • Created and developed new Technical Services office in Perth, starting with down-

sizing of existing R&D group and growing a more business-oriented technical team which numbered some 30 professional staff, providing a range of technical services to Rio Tinto’s Australian and global businesses.

• Lead or participated in a number of due diligence activities in Indonesia, Papua New Guinea, Australia, New Zealand and Canada.

• Involved in many internal technical review teams on copper, gold, uranium, heavy minerals, diamond, lead/zinc and nickel operations.

• Seconded for 18 months in 1997 to Diavik Diamonds project in northern Canada: headed geological team through later stages of drilling and bulk sampling of Lac de Gras kimberlite pipes in Northwest Territories and was accountable for resource estimation underpinning the feasibility study and development of this C$1.3 billion mine.

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• Produced first resource estimates for Century Zinc project, and was closely involved in feasibility study for Lihir Gold, both of which became world-class operating mines.

• Promoted the use of advanced geostatistical techniques in RTZ and developed software tools for implementation of conditional simulation technology. Demonstrated the technology on gold, coal, copper and uranium operations, and made RTZ a world-leader in this field in the early 1990s.

Early Career 1979 - 1990 Nine years in the southern African mining industry, with De Beers, Anglo American and Gencor, and 18 months as a geostatistical consultant in France and Canada.

PROFESSIONAL • Fellow, AusIMM • Member, Australian Institute of Company Directors • Previously non-executive director of Zenyatta Ventures Limited (TSX-V: ZEN), a

Canadian junior company developing a unique graphite project in northern Ontario • Previously non-executive director of AusQuest Limited (ASX: AQD), a leading listed

Australian junior exploration company • Previously chairman of Currawong Coal Pty Ltd, a private exploration JV focused on

metallurgical coal opportunities in Queensland • Several published papers in IMM Journal, conference proceedings and books • Invited keynote speaker at a number of international geological and mining

conferences • Ex board member of WH Bryan Research Centre and of CRC Mining, both at

University of Queensland

EDUCATION Ecole Nationale Supérieure des Mines de Paris (1984 - 1985) Diplôme d’Etudes Approfondies (MSc equivalent) in Geostatistics University of Cape Town (1975 - 1979) BSc (Hons) Mathematical Statistics and Operations Research (cum laude) BSc Computer Science and Mathematical Statistics

OTHER • Sporting enthusiast – cricket, rugby union • Golfer • Fully bilingual English/French

REFERENCES

Available on request