Kerry McDonald welcomed as Chairman of GRD

GRD New Zealand Limited

Media Release
18 December 2002

Kerry McDonald welcomed as Chairman of
GRD New Zealand Limited Board

Mr Kerry McDonald, has accepted the position as Chairman of the Board of Directors of GRD New Zealand Limited, which is a subsidiary of NZSE and ASX-listed GRD NL.

GRD has three operating subsidiaries whose boards are lead by independent chairmen. Former Western Australian Premier Richard Court chairs the Resource and Infrastructure services company GRD Minproc Limited, and Dr John Hewson, Professor of Management and Director of Macquarie Graduate School of Management and former Leader of the Australian Federal Liberal Party chairs Global Renewables Limited.

Mr McDonald was Managing Director of Comalco New Zealand from May 1988 until June 2000 then an Executive Director and Deputy Chairman until late 2002. He is also Chairman of Bank of New Zealand, and a director of Ports of Auckland, Carter Holt Harvey and Owens Group Limited.

GRD last year generated more than NZ$100 million in export gold sales from its Otago based GRD Macraes operations. The operations have produced over 1.5 million ounces of gold and contributed more than NZ$1 billion to the local economy over the past decade, and currently employs over 300 people.

“I have always enjoyed the challenge of resource based business and GRD provides the opportunity both at an operations level and as a service provider. Additionally being involved in bringing a world class Municipal Waste Solution to New Zealand will provide further opportunities to create value,” Kerry McDonald said.

Through Global Renewables Limited, GRD is developing the Urban Resource – Reduction, Recovery and Recycling (UR-3R) municipal waste solution as an alternative to land filling and incineration. A memorandum of understanding has already been signed to explore the possible incorporation of a UR-3R municipal solid waste recycling facility in the Christchurch City Council waste management plan.

“I am delighted Mr McDonald will Chair GRD New Zealand. His skills will be invaluable in strengthening our ability to pursue new opportunities for GRD in New Zealand, by building on the success of the GRD Macraes operations,” said Brettney Fogarty, GRD NL Chairman.

ENDS

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