Rare earth company Arafura Resources (ASX: ARU) has made a change at the top with Gavin Lockyer the new chief executive officer and managing director, replacing Chris Tonkin.
Lockyer joined Arafura in June 2006 as its company secretary and chief financial officer, and brings a finance and operational resources background - along with a sound understanding of the rare earths industry and its participants.
Lockyer played a key role in establishing the company’s longstanding relationship with its major shareholder and strategic partner, East China Mineral Exploration and Development Bureau (ECE).
Arafura's Nolans rare earth project is located in the Northern Territory of Australia, and recently announced that it is targeting capital cost reductions of between A$500 million and A$1 billion at the project - which could have the potential to help the company attract suitable finance.
The company had $36.3 million in cash at the end of March 2013.
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