A Perth-based rare-earths mining company has announced a material reduction in workforce numbers, including the role of CEO.
Hastings Technology said that the organisational restructure is part of ongoing efforts to manage costs to fit with the company’s current needs as it advances financing and strategic options for its Yangibana Rare Earths Project.
Current CEO, Paul Brown – who joined Hastings Technology in September 2023, will leave the business on 31 May 2024.
Current Executive General Manager – Mining Operations, Tim Gilbert, who joined in January 2023, will step into the role of Chief Operating Officer and report directly to Executive Chairman, Charles Lew.
Mr Gilbert has more than three decades of experience across a range of strategic, operational and technical roles in the resources sector.
During his time with Hastings Technology, Mr Brown undertook a company-wide structure and cost review, including a detailed first principle’s build-up of the capital cost estimates which identified material savings, with the details expected to be announced in May 2024, subject to Board approval.
Mr Brown said, “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.”
Mr Lew said, “Our organisational review reflects the Board and management’s ongoing commitment to enhancing operational efficiency, keeping a razor-sharp focus on cost management through consolidation to ensure we are well-positioned to tackle the current challenging market conditions while retaining skilled and experienced leadership capabilities in the business.
“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.
“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.
“On behalf of the Board, we thank outgoing CEO, Paul Brown, and wish him well in his future endeavours.”
Image credit: F Armstrong Photography/Shutterstock.com.
