Thursday, August 23, 2018
Ian Murray

Ian Murray

Gold Road Resources

IAN Murray has proved adept at being in the right place at the right time which is the elixir of success if you think about it. He was CFO of Durban Roodepoort Deep at the time when Mark Wellesley-Wood was extracting the last blood that could be got from its assets, and happened to be a non-executive director of Gold Road Resources when the global financial crisis hit. After its executives abandoned Gold Road Murray took over pointing it towards lower risk exploration. He duly discovered a prospect in Yamarna, western Australia’s newest gold belt. In November, the company sold 50% of its Gruyere gold project in Yamarna to Gold Fields for $270m which will see the South Africans fund Gold Road’s cash calls. Murray’s contention is that once the infrastructure is developed further developments are less risky which is important to Gold Road as it still owns 5,000 square kilometres of the belt. The plan is to build Gruyere into a 260,000 ounce a year mine with first production due in nearly 2019 at the latest. Gold Fields will manage the project leaving Murray and his team to examine growth opportunities. Despite his ambition, Murray acknowledges selling Gruyere, or the whole company, would be an option if shareholders wanted that.


Once an employee of South Africa’s tax collection authority, Murray left a successful stint as CEO of the Roodepoort Rocket (DRD) in 2005 in order to surf the waves of his newly adopted home in Australia. Two years later, he joined Gold Road Resources in a non-executive directorship and went into full time management amid the global financial crisis. He is a chartered accountant.

“Whoever builds first on Yamarna owns it.”