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Arafura Resources Ltd

Arafura Resources appoints experienced executive Mark Southey as chairman

The company published the results of a definitive feasibility study at the Nolans Rare Earths Project in February 2019 indicating a strong return on investment.

Boardroom table
The company’s flagship project is the Nolans Rare Earths Project in the Northern Territory

Arafura Resources Limited (ASX:ARU) has appointed non-executive director Mark Southey as chairman of the board, replacing Ian Kowalick.

Southey joined the Arafura board in February 2018 after holding previous senior executive positions at Honeywell and ABB, both in Australia and internationally.

More recently he was part of the global executive leadership team at WorleyParsons and was a leader in the engineering, procurement and construction of projects in the energy and resources sector where he held the position of group managing director for the minerals, metals and chemicals sector.

Solid platform to develop Nolans project

Following a review of work commitments, Kowalick determined it was appropriate for him to retire from the board as it pursues the next stage of development.

This follows a capital raising completed in December 2018 and the completion of a definitive feasibility study (DFS), which provide the company with a solid platform to advance the Nolans NdPr Project in the Northern Territory throughout 2019.

Arafura managing director Gavin Lockyer said: “Ian has played an important role in shaping Arafura and delivering Nolans as a technically robust project.

Exciting phase of development

“He was one of the founding directors that recruited me into the organisation in 2006 and I am grateful for his support and guidance over the years.

“I wish Ian and his wife, Helen, all the best for the future and I’m looking forward to working closely with Mark as the new chairman during this very exciting phase of Arafura’s development.”

As well as being a founding director, Kowalick was a seed investor in the company's 2003 initial public offering.

He was instrumental in early management and development of the exploration and development phases of the Nolans Neodymium-Praseodymium Project that has culminated in the recent release of the DFS.

- Jessica Cummins 

Quick facts: Arafura Resources Ltd

Price: $0.07

Market: ASX
Market Cap: $62.44 m
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