Lindian Resources Ltd (ASX:LIN) has a new CEO with Alistair Stephens to step into the role from Monday, August 8, 2022, and his first task will be to oversee the acquisition of Malawi company Rift Valley Resource Developments Limited and its globally significant Kangankunde Rare Earths Project
Read more: Lindian Resources snaps up coveted rare earths project in Malawi; shares up 44.5%
Stephens, a qualified geologist, has more than 20 years of experience specialising in the critical and strategic commodities sector with emphasis on rare earths and rare metals.
However, he brings in excess of 35 years of experience to Lindian, with roles in mine geology, mine planning, metallurgy, advanced processing, marketing and logistics.
He also has extensive hands-on experience in the planning and development of project feasibility studies.
Arafura role bodes well for Lindian
Stephens played an instrumental role in Arafura Resources Ltd (ASX:ARU)’s development of the Nolan’s Bore Rare Earth Project that took ARU from an early-stage exploration group with a market capitalisation of around $4 million to a near $400 million company. He was the managing director of Arufura until 2010.
Following his time at Arufura, he delivered the outcomes of a feasibility study for the Kanyika Niobium Project in Malawi, where he managed the project for nine years.
Other roles he has held include senior operational and executive roles at companies including Newmont Mining Ltd and Western Mining Resources Ltd and he was part of the establishment of global commodity trading house Enegra Group.
Lindian hopes his extensive understanding that is unique in the specialty commodity sector and an advanced strategic tactical perspective to project development and operational implementation can help it take the next step in its operations.
“I believe that the Kangankunde Project is the best undeveloped rare earth project in the world, with such global significance that it may redefine supply independence in the rare earth market,” Stephens said.
“Having passively studied the Kangankunde project for more than a decade, I am genuinely excited by the opportunity to lead the project development program which we will immediately commence after shareholder approval is secured.
"I am honoured to be part of the Lindian team and will work diligently and loyally to deliver shareholder value, and of equal importance, value to our stakeholders in Malawi.”
Stephens will be tasked, among other things, with:
- Lindian publicly declaring a JORC-compliant mineral resource for the Kangankunde project by no later than December 31, 2023, with at least 50% of that estimate being in the 'indicated' classification;
- Lindian publicly releasing the results of a definitive feasibility study and a JORC-compliant ore reserve in respect of the Kangankunde project by no later than December 31, 2024; and
- Lindian successfully completing the project finance required to commence commercial production at the Kangankunde Project by no later than December 31, 2025.
Role transition
Lindian has also noted that non-executive chairman Asimwe Kabunga will transition to the role of executive chairman, having been a director of Lindian for five years and having played a pivotal role in securing the acquisition of 100% of the Kangankunde Rare Earths Project, which is subject to shareholder approval.
He has an extensive network and a proven track record in the African resources sector identifying quality projects and unlocking their value.
Of Stephens’ appointment, Kabunga said: “I’m delighted to confirm Alistair’s appointment given that he brings almost unrivalled knowledge of the Kangankunde rare earths project to Lindian.
"The decision to acquire Kangankunde, which is subject to shareholder approval, was made in part with the understanding that it would require a skilled operations team to develop the asset to its full potential.
"In that context, the company is privileged to welcome an executive of Mr Stephens’ calibre, both in terms of his broader industry experience and specialist knowledge in the rare earths field, and his track record working in Malawi.
"The board looks forward to working with Alistair to unlock the value of Kangankunde which we believe is one of the world’s most exciting, rare earths assets.”