Iron ore explorer, Gindalbie Metals (GBG) said it maintains a positive outlook and will continue its transition into an iron ore company in the year ahead, despite some challenges in the past year.
"With the iron ore industry continuing to expand, I am very confident that Gindalbie is only just beginning to realise its growth potential," chairman George Jones told shareholders at its annual general meeting.
In regard to the past year, he admitted it has been difficult.
"While not without its challenges, the past year has been as an exceptionally productive and rewarding period for everyone involved with Gindalbie.
Last month, the company was unsuccessful in a takeover bid for base metals explorer Sundance Resources.
"During the year, we considered one corporate opportunity in the shape of the proposed merger with fellow iron ore company, Sundance Resources," Jones said.
"While in this instance both companies made the decision not to proceed, Gindalbie remains on the lookout for opportunities to facilitate growth," he added.
Changes will also follow on the board membership, with the appointment of Mr Wang Heng, general manager of the Ansteel Group International Trade Company as a non-executive director.
Ansteel Group is the company's joint venture partner .
In addition, the chairman himself, George Jones, will step down to the role of non-executive chairman.
The Company's core asset is a 100% owned tenement position in the Mid West region of Western Australia, where it will commence construction on a major new integrated iron ore project.
Gindalbie rose slightly, up 3.8% to $1.37.
