Australian heavy rare earths focused company Northern Minerals (ASX: NTU) has restructured 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 the East Kimberley region of Western Australia.
Mr Nicholas Curtis AM has resigned from the role of executive chairman and taken on the role as strategic advisor to the company, as outlined below.
Mr Adam Handley, a non-executive director since December 2021, has been appointed executive chairman and Mr Shane Hartwig, current finance director, will take on the role of managing director and CEO.
Both appointments are effective 27 May 2024.
Mr Handley, a Perth-based partner of global law firm HFW and immediate Past President of the Australia China Business Council (WA), specialises in advising North Asian investors and their Australian counterparts to bridge successful business relationships across a range of sectors including resources, mining and project development. He is also the convenor and moderator of the Western Australian Premier’s China WA Strategic Resources Dialogue (since inception of the dialogue in 2017).
In his expanded role as executive chairman, during this period of transition as Northern Minerals advances towards a Final Investment Decision for Browns Range, Mr Handley’s core focus will be on strategic stakeholder engagement including across State and Federal Governments and with the company’s key strategic partner, Iluka Resources (ASX: ILU).
Having served as finance director since December 2022, Mr Hartwig now takes on the role of managing director and CEO, functions previously also carried out by Mr Curtis. Mr Hartwig has extensive experience across finance, capital markets and project development, making him ideally suited to lead Northern Minerals’ executive team as the company delivers on its objectives to complete the Browns Range DFS, followed by a Final Investment Decision on establishing a commercial scale beneficiation plant.
As part of its Board restructure, Mr Curtis stepped down as executive chairman effective 24 May 2024. Mr Curtis was appointed chairman of Northern Minerals in November 2021 and to the position of executive chairman in June 2022.
Importantly, Mr Curtis has agreed to become a strategic advisor to the company for at least the next 12 months to provide Northern Minerals with continued access to his significant rare earths and project development expertise. Mr Curtis has had a significant, positive impact on Northern Minerals since 2021. Among his achievements was the reshaping of the development strategy for Browns Range by proposing that the company processes the ore to a mineral concentrate stage rather than through to a mixed rare earth carbonate, reducing project complexity, risks and capital investment requirements.
As a result of Mr Curtis’ retirement, the company proposes to cancel the convened Extraordinary General Meeting on 6 June 2024 that sought the removal of Mr Curtis as a director of the company. A further announcement in relation to this cancellation will follow.
The Annual General Meeting of the company will however, still be held on 6 June 2024. The company 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 executive chairman Adam Handley said:
“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.”
