Non-executive directors James McClements, Samantha Tough, Peter Wasow, SM Woo and Rod Baxter have stepped down from the board while Ian Burvill and Soocheol Shin have been appointed.

Burvill has 26 years of mining industry experience on projects. He worked as a mechanical engineer, designing and constructing mineral process plants before gaining an MBA. He then spent nearly nine years in banking, working on the project finance of mining projects.

In his most recent role, Burvill served with Resource Capital Funds on a wide range of investments across the mining industry.

Burvill’s experience encompasses board positions on a number of mining and engineering companies including Highlands Pacific and Australian Solomons Gold.

Shin joined POSCO in 1989 and has held a variety of positions throughout his career, including project manager of POSCO Australia. He was recently appointed as managing director of POSCO Australia.

Murchison Metals chairman Ken Scott-Mackenzie said the board changes reflect Murchison’s current circumstances following the sale of the company’s Mid West interests.

“In the period since May 2011, the directors have steered the company through a complex strategic review that culminated in the sale of investments in Crosslands and OPR to Mitsubishi for $325 million” said Scott-Mackenzie.

He said the departing directors were instrumental in the company realising value for its Mid West assets.

“While returning funds to shareholders remains our default position, we would be remiss not to evaluate other available opportunities for shareholders during this period,” said Scott-Mackenzie.

The company is exploring its options regarding a distribution of the proceeds to shareholders, as well as considering acquisitions.

Shares in Murchison have gained 1.2c to 48.7c in morning trade.