Join our daily newsletter At The Bell to receive exclusive market insights
- Taruga Minerals (TAR) CEO Thomas Line resigns following a reshuffle of the company’s priorities
- The company completed a drilling campaign at its Mt Craig project in South Australia last year, which returned “significant” magnetic rare earth oxide (MREO) intercepts
- The company is now seeking to validate a potential flowsheet for extraction of the MREOs, before conducting further drilling
- In parallel, the company has been pursuing a decision of its application under the Aboriginal Heritage Act to continue exploration at its Flinders project
- Taruga says due to this shift in priorities, Thomas Line has resigned, and will officially step down in three months time
- TAR shares last traded at 1.8 cents at 3:10 pm AEDT
Taruga Minerals (TAR) CEO Thomas Line will step down from the top job following a reshuffle of the company’s priorities.
Last year Taruga completed a drilling campaign at its Mt Craig project in South Australia which returned “significant” magnetic rare earth oxide (MREO) intercepts.
The company is now seeking to validate a potential flowsheet for extraction of the MREOs, before it conducts further exploration drilling.
A phased program of further metallurgical testing is now underway to identify the hosting MREO, with the aim to determine a flowsheet that will have the potential for economic recovery.
The company said that in parallel to the work at Mt Craig, it has been pursuing a decision of its application under the Aboriginal Heritage Act to continue exploration at its Flinders project.
Taruga said it will continue engaging with the Aboriginal Affairs and Reconciliation (AAR) unit and the SA Attorney General’s office and Minister for Aboriginal Affairs to “seek a timely resolution to this matter.”
The company said it was due to these “re-alignment of priorities” that Thomas Line has submitted his resignation.
Mr Line will stay with the company for three months, focusing on the strategic priorities of Flinders and the REE testwork at Mt Craig.
The company’s Non-Executive Director, David Chapman, will step up to assist and support the exploration team in the interim.
TAR shares last traded at 1.8 cents at 3:10 pm AEDT.
