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Kincora Copper bolsters board as former Rio Tinto Mongolia director becomes chairman

Last updated: 09:36 13 Aug 2018 EDT, First published: 04:36 13 Aug 2018 EDT

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The new chairman led the construction and start-up of the US$6bn Oyu Tolgoi copper-gold mine

Junior explorer Kincora Copper Ltd (CVE:KCC) said Cameron McRae, the former country director for Rio Tinto (LON:RIO), has become chairman of the board.

He was 28 years with Rio, and in Mongolia, was president of Oyu Tolgoi LLC.

He led the construction and start-up of the then US$6bn Oyu Tolgoi copper-gold mine, located in the southern Gobi, ahead of schedule, which at the peak of construction had over 15,000 people employed on site.

Meanwhile, at Kincora, Anthony Jackson stands down from the board but remains the chief financial officer.

McRae has been a resident in Mongolia since 2010, when he came on as president and chief executive officer of Oyu Tolgoi (2010 to 2013).

He was also Rio Tinto's country director for Mongolia during this period, the firm said.

"We are very pleased to welcome Cameron as our new chairman. For the majority of the period post being president of Oyu Tolgoi, Cameron been a board adviser to Kincora assisting with stakeholder relations, strategic direction and operations," said Sam Spring, Kincora president and chief executive.

"He has a strong track record of adding value for Kincora shareholders, and other stakeholders in businesses he has previously led.

"Rejoining in this expanded capacity will only further strengthen our business with a senior, experienced and hands-on chairman."

Spring continued: "Cameron's appointment is the last major step in the recent shareholder and board transition process.

"Kincora is now in the strongest position to accelerate exploration activities in the Southern Gobi copper-gold belt where we hold the dominant licence portfolio, as well as pursue further countercyclical expansion opportunities. We look forward to shortly providing updates on our exploration progress and plans."

Concurrent with the appointment of McRae to the board, Jackson has stepped down as a non-executive director remaining chief financial officer, the latter a role he has filled for Kincora since September, 2014.

Kincora noted that the members of its board and technical committee have over 40 years' operating experience in Mongolia, and over 150 years of sector-specific experience, with two board members based in the country.

Shares in Toronto pumped up 6.67% to C$0.16.

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