Rare Earths
ASX-listed Peak Resources advises that the MD, Darren Townsend has tendered his resignation to pursue another opportunity in the resources industry.

Peak Resources is pleased to advise that Rocky Smith, the current COO of Peak Resources has accepted the role of interim CEO.

Smith has been with the Peak Resources since early 2016 and is an experienced resources executive who ran the Mountain Pass rare earth operation in the USA prior to joining Peak Resources.

Smith’s involvement in completing the development of the processing route and bankable feasibility study has made a significant contribution to the Ngualla project’s economics.

The board of Peak Resources is delighted that Smith is to become interim CEO given his knowledge of the Ngualla project and his extensive experience in rare earths.

The board is also pleased to advise that Townsend will remain involved with Peak Resources as a non-executive director once he steps down from the MD position during November 2017.

Townsend has been in the role of MD for the last three and a half years and has been instrumental in delivering the following in relation to the Ngualla rare earth project:

  • completion of the preliminary feasibility study
  • the recruitment of experienced rare earth industry executives
  • the delivery of the bankable feasibility study
  • the obtaining of an environmental certificate for Ngualla, and
  • the recent submission of Special Mining License application

This work has positioned Ngualla as one of the world’s leading neodymium/praseodymium development projects.

“We thank Darren for his efforts as MD and welcome Rocky to the role of interim CEO. During this tenure Darren has overseen significant improvements in the Ngualla project’s economics and has been instrumental in leading the team in doubling the project’s projected average annual post tax cash flow from US$63 Mpa to $126 Mpa for no increase in capital cost on an equivalent rare earth pricing basis,” states Peak Resources chairman, Peter Harold.

Feature image credit: Wikimedia