Australian heavy rare earths company Northern Minerals (ASX: NTU) has announced a restructure of its board of directors as the company moves to finalise the definitive feasibility study (DFS) and progress financing discussions for the development of its Browns Range project in Western Australia’s East Kimberley region.
Key Board changes
- Nicholas Curtis AM has resigned from the role of executive chairman and will take on the role of strategic advisor to the company.
- Adam Handley, a non-executive director since December 2021, has been appointed executive chairman.
- Shane Hartwig, the current finance director, will assume the managing director and CEO role.
- The appointments of Handley and Mr Hartwig are effective as of 27 May 2024.
As the new executive chairman, Handley, a Perth-based partner at global law firm HFW and immediate Past President of the Australia China Business Council (WA), will focus on strategic stakeholder engagement.
This includes liaising with state and federal governments and Northern Minerals’ key strategic partner, Iluka Resources (ASX: ILU).
Handley’s expertise lies in advising North Asian investors and their Australian counterparts on successful business relationships across various sectors, including resources, mining, and project development.
Hartwig, who has served as finance director since December 2022, will now take on the role of managing director and CEO.
With extensive experience in finance, capital markets, and project development, Hartwig is well-suited to lead Northern Minerals’ executive team as the company works to complete the Browns Range DFS and reach a final investment decision on establishing a commercial-scale beneficiation plant.
As part of the board restructuring, Curtis stepped down as executive chairman effective 24 May 2024.
He had been appointed chairman in November 2021 and executive chairman in June 2022.
Curtis has agreed to become a strategic advisor to the company for at least the next 12 months, providing continued access to his significant rare earths and project development expertise.
During his tenure, Curtis reshaped the development strategy for Browns Range by proposing that the company process the ore to a mineral concentrate stage rather than through to a mixed rare earth carbonate, reducing project complexity, risks, and capital investment requirements.
He also led negotiations and relationship development with Iluka Resources, including an agreement for the company to deliver a minimum of 30,500 tonnes of contained Total Rare Earth Oxides.
As a result of Curtis’ retirement, the company proposes to cancel the convened Extraordinary General Meeting on 6 June 2024, which sought his removal as a director.
A further announcement regarding this cancellation will follow.
The company’s Annual General Meeting will still be held on 6 June 2024.
Northern Minerals is in the process of considering the appointment of additional directors and a new chief financial officer and looks forward to announcing these appointments as they are confirmed.
Incoming Northern Minerals executive chairman Adam Handley said: “I am delighted to have the opportunity to lead the Board of Northern Minerals as we advance our vision to deliver Browns Range as a globally significant, Australian-based producer of dysprosium and terbium, two key ingredients in the worlds’ decarbonisation efforts.
“With the full support of my fellow Directors and our new Managing Director Shane Hartwig, Northern Minerals is well positioned to execute our business strategy, including supplying Iluka Resources’ proposed integrated rare earths refinery at Eneabba, and delivering value for all Shareholders.
“I want to acknowledge the significant contribution to Northern Minerals made by Nick Curtis. We are grateful that Nick has agreed to continue to provide strategic support for the company as required.
“We will continue to review the mix and skills of our Board and executive team as we advance financing for Browns Range to ensure we have the right team to deliver on our commitments to all our stakeholders. I look forward to providing further updates to Shareholders in due course.”
