- Peak Rare Earths (PEK) appoints FMG founder Russell Scrimshaw as its new Executive Chairman effective August 15
- He joins Peak with experience in large scale mining project development and operations, product marketing, finance, business development and technology
- Mr Scrimshaw says he is excited to be joining Peak as it moves into the development phase at its Ngualla rare earth project in Tanzania
- Current Non-Executive Chairman Tony Pearson will continue as Deputy Chairman, and Managing Director Bardin Davis will become CEO
- Peak shares are up 10.5 per cent trading at 37 cents at 12:01 pm AEST
Peak Rare Earths (PEK) has appointed FMG founding director Russell Scrimshaw as its new Executive Chairman.
Mr Scrimshaw will take up the new role from August 15 with current Non-Executive Chairman Tony Pearson to continue as Deputy Chairman and Managing Director Bardin Davis to become CEO.
The incoming Executive Chairman was a founding director of Fortescue Metals Group (FMG) and served as its Deputy CEO and Executive Director.
As such, he brings experience in large scale mining project development and operations, product marketing, finance, business development and technology to Peak.
More recently Mr Scrimshaw was Chairman of UK-listed Sirius Minerals which was acquired by Anglo American in 2020, and is developing a large Polyhalite fertiliser project in North Yorkshire, close to Peak’s Teesside refinery site.
He is currently Chairman of the Garvan Research Foundation, a non-Executive Director of the Garvan Institute of Medical Research and Vice Chairman of Ignition Wealth.
In joining Peak, Mr Scrimshaw will receive a director’s fee of $120,000 per annum plus statutory superannuation.
Subject to shareholder approval, he will also receive four million performance rights with the first 250,000 to vest 12 months after his appointment.
Of the total performance rights, 325,000 will vest upon completion of a Front End Engineering and Design study for construction of a rare earth processing and separation plant.
Mr Scrimshaw said he is excited to be joining Peak as it moves into the development phase at its Ngualla rare earth project in Tanzania.
“Peak has a tremendous opportunity to advance into one of the world’s few independent
integrated rare earth producers.
“I am excited to be joining the business… as we look to finalise the Framework Agreement for Ngualla, complete the Bankable Feasibility Study Update and execute offtake agreements to support project financing,” he said.
Out-going Executive Chairman Tony Pearson said it had been a privilege to serve in the role since October 2020 and believes Mr Scrimshaw has the experience needed to drive the company through its next phase.
“Russell has been a leader in the growth of several companies that were aiming to disrupt the supply side in critical commodity markets and we’re delighted that he’s bringing this experience to Peak.
“His knowledge and drive are important additions to our team as we prepare for the business to transition into the world’s next integrated rare earth producer,” he said.
Peak shares were up 10.5 per cent trading at 37 cents at 12:01 pm AEST.