Groundbreaking CEO calls time at rare earth miner Lynas
Lynas Rare Earths, a key player in Australia’s bid to challenge Chinese dominance of the supply chain for future technology, will lose its influential chief executive after 12 years in the role.
Amanda Lacaze announced her intention to retire from the ASX darling on Tuesday.
Easily the most prominent female CEO of a publicly traded Australian mining company, Ms Lacaze has overseen the transformation of Lynas from a little-known start-up into the only significant dedicated producer of rare earth materials outside China.
“I loved every day of my 12 years at Lynas,” he said in a statement to the stock exchange.
“It has been a great privilege to transform the company from a troubled startup to an ASX50 company. I am extremely proud of the achievements we have achieved during this time.”
Lynas’ Mt Weld mine in Western Australia is one of the world’s most valuable deposits of rare earth elements, used to make permanent magnets essential for high-tech manufacturing supply chains from fighter jets to MRI machines.
The federal government on Monday announced that rare earths, as well as antimony and gallium, will be the first critical minerals included in a taxpayer-backed strategic reserve to counter China’s stranglehold.
Ms Lacaze has been outspoken about China’s dominance and manipulation of the rare earths market, as well as the need to encourage more women into the mining industry.
“I leave the company in good hands with a fantastic team with unique skills and knowledge and a balance sheet that will support future growth plans,” he said.
“Having successfully completed the Lynas 2025 capital investment program and launched its Towards 2030 growth strategy, now is the time to make this transition.”
Chairman John Humphrey said Ms Lacaze had made an outstanding contribution to the rare earth industry during her time at Lynas.
“This company was in a very difficult situation when Amanda took on the CEO role. Thanks to Amanda’s hard work, drive and perseverance, Lynas is today a leading rare earths producer and critical supplier to global manufacturing supply chains,” he said.
Lynas’ market capitalization grew under Ms. Lacaze’s management from about $400 million in 2014 to near $15 billion.
After an initial decline, Lynas’ stock rebounded, rising more than 2.4 percent in early trading.
The company said it will consider both internal and external candidates when searching for a new CEO.
Ms Lacaze will remain in her role until the end of the financial year.
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