SYDNEY: Power Minerals Ltd., an Australian critical minerals developer, has appointed Alistair Stephens as chief executive officer, tapping a veteran executive with decades of experience in the rare earths sector to lead its South American projects.
Stephens, who started the role immediately, is the former managing director and CEO of Arafura Rare Earths Ltd. and Lindian Resources Ltd., both ASX-listed companies that grew to market capitalizations above $1 billion under his leadership.
The appointment comes as Power Minerals advances its rare earths portfolio in Brazil, including the Santa Anna project, where it is preparing a maiden mineral resource estimate, and the proposed Morro do Ferro project. The company is also progressing its Salta Lithium Projects in Argentina.
Stephens brings 35 years of experience in resources exploration and development, including work on projects in Brazil, Australia, Africa and Southeast Asia. His background includes leading complex operations from mine sites to refineries.
“Alistair will play a key role in advancing the development of our critical minerals portfolio, with a particular focus on our rare earths projects in Brazil,” Power Minerals Managing Director Mena Habib said in a statement.
During his tenure at Arafura Rare Earths from 2004 to 2009, Stephens advanced the Nolans Bore Rare Earths Project in Australia’s Northern Territory to pre-feasibility stage as the company’s market value grew from $4 million to $400 million. More recently at Lindian Resources, he oversaw completion of a feasibility study for the Kangkanunde Rare Earths Project in Malawi, which is now under construction and expected to begin production later this year.
Stephens said Power Minerals has “an exciting portfolio of critical minerals projects” and that he looks forward to working with the team “to unlock their full value upside.”
Under the terms of his employment agreement, Stephens will receive a base salary of A$300,000 per annum, plus statutory superannuation. He is eligible for long-term incentive performance rights totaling 5 million shares, contingent on meeting share price and operational milestones.
The appointment is effective immediately, with Stephens commencing a three-month probationary period.