Critica taps rare earths expert Jacob Deysel as new CEO
Deysel will take up the reins in two weeks. Over a 25-year career in global mining, he has held top positions with industry titans, including Rio Tinto, Newmont, Uranium Energy Corp and Kenmare Resources.
Most recently, Deysel was chief executive officer and managing director of ASX-listed Mineral Commodities Limited.
The Jupiter project, part of Critica's broader Brothers project, has Australia's largest and highest-grade clay-hosted rare earths resource, which clocks in at a massive 1.8 billion tonnes.
The project is ideally located between the mining hub of Mt Magnet and the export-ready Port of Geraldton, combining a world-class jurisdiction with world-class infrastructure.
With Deysel now at the helm, the company says it's poised to fast-track scoping and feasibility studies as it aims to develop the project and become a globally significant Western-aligned rare earths supplier.
Deysel is a qualified mining engineer with an MBA and executive training from London Business School. Critica says the company was specifically looking for someone with his particular skill set for boosting value in rare earths, graphite and mineral sands projects worldwide.
Coupled with his strong buyer network, a good knowledge of investors' needs and access to governments across the world, Deysel's expertise is likely to be invaluable for Critica.
His appointment couldn't be better timed. Critica's first-pass beneficiation test work on Jupiter has already returned an eye-popping 830 per cent uplift in grade with more than 50 per cent rare earth recovery. The mining veteran's hands-on knowledge of rare earth element feedstocks and beneficiation processes should position him well to turn those results into real value.
Deysel also brings considerable commercial nous, having previously secured offtake deals, memoranda of understanding partnerships and government funding for rare earths ventures, along with founding his own rare earth element-focused company, Sheerartar Minerals.
Critica Limited incoming chief executive officer Jacob Deysel said:
'I have undertaken extensive due diligence on Critica's assets and believe Jupiter has the potential to become a globally significant rare earth project. With its scale, grade and location in Western Australia, we have a clear pathway for expeditious development through scoping and feasibility.'
As part of his remit, Deysel will also lead a strategic review of Critica's Mt Lindsay tin-tungsten asset in Tasmania, which is one of the largest undeveloped projects of its kind globally. The minerals are increasingly vital to global supply chains, adding to the company's critical minerals credentials.
To back the new boss and his ambitious plans, non-executive directors Tim Lindley and Nick Cernotta have agreed to receive equity in lieu of fees from today, in a sign they are big believers in the company's long-term prospects.
The company has signed off on a $360,000 annual salary package for the new executive. He has also been granted 75 million zero-exercise-price options as a performance incentive, tied to milestones such as scoping and pre-feasibility studies, continued service and share price hurdles.
As the rare earths race heats up globally, Critica's board is betting that with Deysel's leadership, Jupiter might just become one of the world's great rare earth mines - right in Western Australia's backyard.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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