Perth-based mining explorer Arafura Resources NL has appointed Dennis O'Neill as chief executive of its uranium spin-off to be called NuPower Resources.
Perth-based mining explorer Arafura Resources NL has appointed Dennis O'Neill as chief executive of its uranium spin-off to be called NuPower Resources.
Mr O'Neill, the former Australian Council for Infrastructure Development chief executive, first activities will be examining the company's uranium projects at Lagoon Creek, Lucy Creek and Aileron basin - all in the Northern Territory.
The demerger will allow Arafura to concentrate on development of its Nolans Bore rare earths project.
The full text of the Arafura announcement is pasted below.
Arafura Resources NL announces that NuPower Resources will become the corporate vehicle to hold and independently manage Arafura's demerged uranium exploration assets.
Simultaneously, Arafura is pleased to announce the appointment of Mr Dennis O'Neill as the CEO-elect of NuPower Resources. Following the proposed demerger from Arafura of its uranium exploration assets into NuPower Resources and its compliance listing, Mr O'Neill will assume the role of Managing Director and lead the exploration effort, starting with the Lagoon Creek, Lucy Creek and Aileron projects in the Northern Territory.
"This is a timely and welcome step that will allow Arafura to focus exclusively on accelerating development of the Nolans Bore Rare Earth and Phosphate deposit north of Alice Springs" said Arafura Managing Director Alistair Stephens.
Mr O'Neill has a Bachelor of Science (Hons) degree in Chemistry and brings over 36 years of mining and infrastructure sector experience to the role. He has most recently been CEO of the Australian Council for Infrastructure Development, a peak industry body since 1995, and before that held technical, policy (including nuclear issues) commercial, representational and management roles in the minerals industry and in government. He has experience in Africa, SE Asia, USA and the Pacific.
"I am delighted to re-join the minerals sector at this exciting stage of the rebirth of the uranium exploration and development sector in Australia," said Mr O'Neill.
"The growing demand for new and more sustainable, less carbon intensive, sources of energy will drive the Australian energy sector to new highs. NuPower Resources intends to be a significant contributor to these outcomes." Mr O'Neill added.
Subject to shareholder approval, Arafura Resources NL will place over 10,000 km2 of pastoral lease tenements located in the Northern Territory of Australia into the new uranium exploration and development focused company called NuPower Resources. The company will focus on three main projects at Lagoon Creek, Lucy Creek and Aileron basin, and look to increase the portfolio of tenements and targets.
