Cuzzubbo to guide Arafura

Arafura Rare Earths has appointed Darryl Cuzzubbo as the company's managing director and chief executive officer, effective immediately.

Mr Cuzzubbo will replace Gavin Lockyer, who will leave the Perth-based company following a brief handover period.

Arafura chairman Mark Southey paid tribute to Mr Lockyer, who spent more than 17 years with Arafura in a variety of roles, including managing director.

“On behalf of the board, I express sincere thanks to Gavin for his many and varied contributions to Arafura and the development of the Nolans project over many years,” Mr Southey said.

“Gavin was instrumental in driving the company forward and the many important steps taken, and agreements secured, by his team to commercially position us for the delivery phase of the Nolans project.”

Nolans is located 135 kilometres north of Alice Springs. In June last year, the company announced that Export Development Canada, an export credit agency, had displayed interest in providing up to $440.9 million towards Nolans. 

During its December 2023 quarterly report, Arafura said early works were completed at the Nolans site, along with operational readiness planning, in a bid to identify gaps and utilise tailored skillsets. 

Mr Southey said Mr Cuzzubbo was well-versed on what was required for the company's future needs. 

“Darryl has acquired an extensive understanding of Arafura and the rare earths market during his time with our board and that means he will now hit the ground running as he is well-known to our team and to our many major stakeholders in the project, " he said.

"The board firmly believes that Darryl is the right leader to build on our progress to date and to complete the Nolans project.”

Arafura closed trade on Monday at 12.5 cents per share.