Lynas Rare Earths, a crucial player in Australia’s bid to challenge Chinese dominance in 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-listed Australian mining company, Ms Lacaze has overseen the transformation of Lynas from little-known start-up to the only significant producer of separated rare earth materials outside of China.
“I’ve loved every day of my 12 years at Lynas,” she said in a statement released to the stock market.
“It has been a great privilege to lead the company from a troubled startup to an ASX50 company. I am extremely proud of our achievements over this time.”
Lynas’ Mt Weld mine in Western Australia is one of the world’s most valuable deposits of rare earths elements, which are used to make permanent magnets essential to high-tech manufacturing supply chains, from fighter jets to MRI machines.
The federal government on Monday revealed rare earths, as well as antimony and gallium, would 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 am leaving the company in good hands with a fabulous team with unique skills and know-how, and a balance sheet to support future growth plans,” she said.
“Having successfully concluded the Lynas 2025 capital investment program and launched the Towards 2030 growth strategy, it is the right time to make this transition.”
Chair John Humphrey said Ms Lacaze had made an outstanding contribution to the rare earths industry in her time at Lynas.
“This company was in a very difficult position when Amanda took on the role of CEO. It is thanks to Amanda’s hard work, drive and tenacity that Lynas is today a leading rare earths producer and critical supplier to global manufacturing supply chains,” he said.
Lynas’ market value has increased under Ms Lacaze’s stewardship from around $400 million in 2014 to close to $15 billion.
After an initial slide, Lynas share recovered to be up more than 2.4 per cent in early trading.
The company said it will consider both internal and external candidates as it searches for a new CEO.
Ms Lacaze will remain in the role until the end of the financial year.
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