ASX Announcement:TerraCom Appoints New Chairman

TerraCom Limited (TerraCom or the Company) (ASX: TER) is pleased to announce the appointment of Mr Cameron McRae as Chairman effective immediately.

The appointment is to facilitate the ongoing transformation of TerraCom into a global independent coal miner and Cameron will take an active and hands-on roll in leading the Company.

Cameron has an extensive and distinguished career in the mining industry globally. He was born in Melbourne, Australia, was schooled in Australia and Africa and obtained a MBA (Monash University/ Mount Eliza) and a Bachelor of Financial Administration (University of New England).

Cameron has served a distinguished 28 year career at Rio Tinto, holding executive level positions in 5 countries. Cameron was CEO-President of Oyu Tolgoi (OT) copper-gold business in Mongolia, CEO of Richards Bay Minerals in South Africa, Managing Director of Murowa Diamonds in Zimbabwe and Project Director for the Hail Creek Coal Mine Expansion Project in Central Queensland. In 1995 he was also a key member of the M&A team that brought RTZ plc and CRA Limited together to form the dual listed Rio Tinto.

Cameron’s career highlight to date was leading the establishment of the OT business – Mongolia’s world class mega project in the Gobi Desert. OT commenced construction in 2010 and the US$6 billion project was commissioned ahead of schedule and moved to full production before Cameron left in October 2013.

As a business leader Cameron has delivered successful greenfield and brownfield construction projects in three continents, overarching business transformations and business improvement projects. At corporate level Cameron has delivered sectoral and country strategies, global IS&T projects and sponsored cross business unit collaboration projects.

Cameron’s track record in leading and completing many M&A deals and closing key commercial transactions is excellent. Business development experience is strong with Cameron leading prefeasibility and feasibility studies as well as business development teams focused on identifying acquisition opportunities.

In Mongolia, Cameron has been formally recognized by the government and business associations for services to business and the mining sector and lives in Mongolia with his family.


The Hon Craig Wallace will move from Acting Chairman to Deputy Chairman and will continue to support the growth and ongoing transformation of the Company led by Cameron McRae. The Board would like to thank Mr Wallace for his service as Acting Chairman and looks forward to his continued strong support of the Company in delivering on our strategy.

TerraCom has fully commissioned the Baruun Noyon Uul (BNU) coking coal mine in the South Gobi Mongolia. The Company’s goal is to become one of the largest and highest quality coking coal producers in Mongolia, providing exceptional value for its steel-producing customers. TerraCom is also focused on developing two priority projects in Queensland, Australia: the large thermal coal Northern Galilee Project and the high energy prime thermal coal Springsure Project.

In order to support the growth and expansion of the Company and to de-risk from single mine and single country operator TerraCom continues to evaluate cash generative assets for potential acquisition. The Company is currently progressing a strategic opportunity in Queensland Australia to acquire a mature mining operation which is currently on care and maintenance. The Company is also evaluating the acquisition of a hard coking coal mining operation in Indonesia. The mine’s production licence has a 12 year remaining life and is located in close proximity to road, barge and port infrastructure which connects into the seaborne coal market. The mine has a capability of delivering 500,000 tonnes per annum of hard coking coal.

Please contact Tony Mooney or Nathan Boom on +61 2 4268 6258 or at for further information.

Craig Wallace


  • His first job was as a Commercial Graduate with BHP at the Newcastle Steelworks.

  • In 1982 Cameron moved to Humes Limited, a concrete product-making company, where he was awarded an early promotion to State Accountant.

  • In 1985, he moved to Bougainville, a province of Papua New Guinea, famous for its copper mine. He worked on business development for the Bougainville Development Corporation for a year, and then joined Bougainville Copper Limited. Cameron worked in Internal audit, systems development and finally as the Planning Manager. He completed an MBA in 1990-91.

  • In 1992 Cameron transferred to Taiwan as Business Development Manager and when that business was sold, moved to the Corporate Strategy team of CRA Limited (1993). His portfolio focus during that period included, exploration, technology, copper, zinc and nickel projects.

  • In 1995 he worked on the team that established the merger / dual listing between RTZ plc and CRA Ltd to create Rio Tinto. In 1996 Cameron held the role of GM Business Development for Copper.

  • In 1997 Cameron established the Rio Tinto Business Systems Group, which was responsible for setting up and installing SAP systems throughout Rio Tinto’s business units globally.

  • In 2001 Cameron transferred to Rio Tinto Coal Australia, firstly as CFO; then as General Manager, Corporate Development and finally as General Manager of the Hail Creek Expansion where he led a two-year expansion project, which saw the coking coal mine double its size.

  • In 2006, Cameron was promoted and moved to Africa as Managing Director of Murowa Diamonds in Zimbabwe. In 2008 he was transferred to Richards Bay Minerals, in South Africa, as Managing Director and CEO.

  • In November 2010, Cameron became President and CEO of Oyu Tolgoi LLC - in Mongolia - at that time the world’s largest undeveloped Copper and Gold resource. He led the US$6 billion construction project and establishment of the operating business – which commissioned and commenced ahead of an aggressive schedule. Cameron was also Rio Tinto’s country Director for Mongolia, and represented the shareholders in many negotiations.

  • Since leaving Rio Tinto in November 2013, Cameron established Tarva Investment and Advisory LLC. Tarva has advised private and state companies covering aviation and minerals development – copper, gold, energy, coal and uranium. Cameron co-founded the Institute of National Strategy (Mongolia) and is a non-executive director of the Business Council of Mongolia and the Arts Council of Mongolia.


Master of Business Administration

Monash University / Mt Eliza- 1991

Bachelor of Financial Administration

University of New England - 1980

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