ABx Group (ASX:ABX) non-executive Director Joycelyn Morton will step up to the role of non-executive Chair.
The move follows the retirement of current Chair Paul Lennon, effective 30 September 2024, who will also depart his position as Chair of ABx’s 83%-owned subsidiary Alcore, to encourage “board rejuvenation”.
Lennon served as the 42nd Premier of Tasmania from 2004 to 2008, as well as the state’s Treasurer (2004-2006), the Minister for Infrastructure, Energy and Resources (1998-2002), and Minister for Economic Development, Energy and Resources (2002-2004).
ABx says Lennon guided the company through its toughest years, especially during Covid when the Alcore technology was “significantly advanced”, and its Tasmanian rare earth deposits were discovered.
Morton, meanwhile, joined the board in April 2024 and ABx says in the short time since, she has demonstrated her leadership and experience, and acquired a deep understanding of the strengths and opportunities for ABx.
She holds a number of directorships with companies including Felix Group Holdings (ASX:FLX), Gelion (AIM:GELN) and Epic Energy Group. Morton also previously served as a non-executive director on a diverse range of boards, including Australia’s largest specialised naval defence company ASC, Snowy Hydro, and Beach Energy (ASX:BPT).
Earlier in her career, Morton held senior positions at energy giant Shell Australia and Shell International.
Emerging rare earths developer ABx aims to produce a mixed rare earth carbonate enriched in high value magnet metals dysprosium and terbium.
Earlier in September, the company took an important step towards securing a deal with Nova Scotia-based Ucore Rare Metals (TSX-V:UCU) for the supply of mixed rare earth carbonates to the US.
Both companies have signed a memorandum of understanding to work towards a binding agreement for the supply of mixed rare earth carbonate from ABx’s Tasmanian project to Ucore.
the US imports more than 70% of its rare earths from China. Statistics from the US Geological Survey reveals that the US imported $190 million worth of rare earth compounds and metals in 2023, which is a 7% reduction from $208 million in 2022.
Write to Angela East at Mining.com.au
Images: ABx Group
