Shares in Arafura – backed by mining billionaire Gina Rinehart now and taxpayers in the future – are tracking gains as the rare earths explorer lines up executives to deliver on its proposed $1.5bn Nolans project in the Northern Territory.
Shares are up nearly 4 per cent to 20.25c at 1pm AEST amid above-average volume trading. Former BHP and Orica veteran Darryl Cuzzubbo who came in as chief executive in February, on Wednesday announced a new chief operating officer in Dr Stuart Macnaughton, who comes with 25 years of experience, including overseeing the design, build and integration of processing plants for Vale and BHP.
He joins recent entrant Shaan Beccarelli, who started as corporate affairs and investor relations head in March after stints with Liontown, Woodside, Chevron and Rio Tinto. Tanya Perry is now head of sustainability and environment.
The appointments come weeks after the Federal Government promised $840m in funding support to help accelerate the project targeting mining of neodymium (Nd) and praseodymium (Pr) used in the making of mobile phones, wind turbines, medical and defence equipment and electric cars.
"Attracting a COO with Stuart’s credentials signifies the quality of the Nolans project and Arafura’s growth potential," Mr Cuzzubbo said."These appointments signify that Arafura is on the pathway to successfully delivering the Nolans project and ensuring our stakeholders and communities are highly engaged with us." Ms Rinehart's Hancock Prospecting has a 10 per cent stake in Arafura.
