Hastings Technology Metals has undergone a restructuring to manage costs, announcing its chief executive Paul Brown will leave the company at the end of this month.
Hastings Technology Metals has undergone a restructuring to manage costs, announcing its chief executive Paul Brown will leave the company at the end of this month.
The Perth-based rare earths company announced on the market that it has undergone an organisational restructuring to manage costs amid financing its Yangibana mine project.
In the ASX announcement, Hastings Technology Metals announced Mr Brown would leave the business on May 31 despite only being appointed chief executive on September 4.
“I am pleased with the work that has been undertaken by the Hastings team to identify significant savings and optimisation across the Yangibana Project, which continues to de-risk the project execution strategy and improve project economics,” he said.
Hastings Technology Metals executive chair Charles Lew thanked Mr Brown and wished him well in his future endeavours.
Mr Lew said the organizational review reflected the board’s focus on cost management.
“For people leaving Hastings, we thank them for their professionalism and considerable efforts in taking the Yangibana project through to its advanced stage, with $147 million invested to date at the Yangibana project and the project being shovel ready,” he said.
“We are confident that the new management structure has the necessary team of executives with specific skills to close out its project financing workstream and strategic options and deliver on our vision and long-term value creation for shareholders.
“The business fundamentals of the Yangibana project remain positive and unchanged.”
Hastings executive general manager of mining operations Tim Gilbert will be the chief operating officer, to report directly to Mr Lew.
