|By Marketwired .||
|February 26, 2014 09:32 PM EST||
ULAANBAATAR, MONGOLIA -- (Marketwired) -- 02/26/14 --
- Brings exceptional knowledge of the resources industry, locally and globally, to SkyPath
- Significantly deepens SkyPath's strong Mongolia-based management team with Cameron's excellent track record in governance, executive management, M&A and business development
- Gives SkyPath a unique understanding of large scale project management, operations, and project finance, including the development of Mongolia's largest mine
SkyPath Partners LLC ("SkyPath"), the Mongolia focused advisory and principal investing firm, is pleased to announce the appointment of Cameron McRae as Executive Chairman, with immediate effect. In addition to his board responsibilities, Cameron will oversee the strategic direction of SkyPath and participate in the financial advisory, strategic consulting and principal investment activities of the firm. He will remain based in Ulaanbaatar.
Cameron has more than 30 years of mining experience, gained across six countries. Lastly, he was President and CEO of Oyu Tolgoi LLC ("Oyu Tolgoi") and Rio Tinto's Country Director for Mongolia, between 2010 and October 2013, based in Ulaanbaatar. Cameron led the construction and commission of the open pit mine and concentrator of Oyu Tolgoi, Mongolia's largest mine. The project was completed ahead of schedule and on budget, setting new national standards in health, safety & environment; business development; training and corporate social responsibility.
Previously Cameron held various leadership positions at Rio Tinto's Energy, Copper, Diamonds and Industrial Minerals' units, including Managing Director of Richards Bay Minerals in South Africa and Murowa Diamonds in Zimbabwe, as well as at the corporate level. He established Rio Tinto Energy's presence in China and led the strategic review of Rio Tinto's approach to Africa in 2010. At the corporate level, Cameron was a leading team member in the landmark merger of RTZ plc and CRA Ltd that created Rio Tinto and worked on other successful M&A transactions.
The resources sector is the single largest industry in Mongolia, with an estimated annual revenue of 1.4 trillion MNT (approximately US$ 798.9 million) in 2014*, and the majority of the country is still unexplored.
"Cameron is the most high profile international business executive in Mongolia today, and we are delighted to welcome him to SkyPath," said Alex T. Kim, CEO of SkyPath Partners. "With his exceptional record of leadership in large organizations, and experience in developing and managing major mining projects, financings and transactions, Cameron's contribution to the firm will be transformative. Cameron's global network, management acumen, and wealth of experience in the mining industry in both commercial, transactional and operations capacities bring significant depth to our management team. His engagement will add real value for our clients and investments, particularly in the resources sector, which is an essential element to the growth and development of Mongolia."
Cameron McRae said: "There is clear demand for a Mongolia-focused advisory and investment specialist that can facilitate and accelerate capital flows into Mongolia. The opportunities and challenges in Mongolia are like no other country in the world and there is no substitute for firsthand experience. I am very excited to be working with Alex T. Kim, the impressive SkyPath team, its shareholders and partners, to serve domestic businesses and international investors in Mongolia. This is an exciting opportunity to join an entrepreneurial company committed to Mongolia's long-term economic development with the vision of bringing together the best Mongolian and international talent, capabilities and resources."
About SkyPath Partners
SkyPath Partners LLC is a financial advisory, strategic consulting and principal investing firm. Headquartered in Mongolia, the firm is focused on bringing international capital, services and capabilities to Mongolian companies and investing in the growth of the country's economy. SkyPath was created to fill an unmet need for a trusted and capable advisor to help Mongolian firms and government and international companies navigate complex financial and strategic issues by providing a bridge to world-class expertise and capital from international sources. For more information, please visit http://www.skypathpartners.com.
* Source: Mongolia Ministry of Mining