Here’s why the Hawsons Iron share price is climbing today

Hawsons shares are set to finish Friday on a high note.

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Key points

  • Hawsons shares edge 3.28% higher to 63 cents 
  • The company announced the appointment of David Woodall to its board as non-executive chair 
  • Mr Woodall will spearhead the Hawsons Iron project involving completion of the BFS and securing a debt and equity capital funding package 

The Hawsons Iron Ltd (ASX: HIO) share price is off to a positive start on Friday following a company update.

At the time of writing, the resource developer’s shares are up 3.28% to 63 cents.

What did Hawsons announce?

In the morning, Hawsons provided investors with a board appointment, pushing its shares higher.

According to its release, Hawsons announced the inclusion of experienced resources industry professional, David Woodall to its board.

Serving as a non-executive chair effective today, Mr Woodall brings a wealth of experience to the role. His knowledge spans across the energy industry in the last 50 years with a focus on both commercial and not-for-profit sectors.

Mr Woodall sat on the boards of Ergon Energy, Energex, Tarong Energy Corporation, Terra Gas Traders, Starfish Windfarm, and others.

He spent many years at Australian mining company MIM, culminating in the role of executive general manager in marketing and commercial.

Mr Woodall also served as the managing director at Grainco Australia, a major bulk agri-commodity marketer and handler.

Furthermore, Mr Woodall has a high level of Chinese skills, having taken up several terms as chair of the Queensland – China Council.

Current executive chair, Bryan Granzien commented:

Dave has been involved with Hawsons for almost 18 months now, most recently as a member of our Advisory Committee appointed earlier this year to provide the Board with strategic advice on the progress and quality of our bankable feasibility study (BFS).

I look forward to working closely with Dave to realise the exciting opportunity for our company and Hawsons Iron Project to be a leading supplier of high-quality magnetite, vital to lowering emissions in ‘green steel’ making.

Mr Granzien will move into the performance-management role of managing director and concentrate on the delivery of the Hawsons Iron Project’s BFS.

Hawsons share price snapshot

Over the last 12 months, Hawsons shares have accelerated by more than 475%.

The company’s share price reached an all-time high of $1.08 per share earlier this month, before retracing to 60 cents.

On valuation grounds, Hawsons has a market capitalisation of around $443.33 million, with almost 715.06 million shares on its registry.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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