Leadership changes, Lithium, News, Takeover bids

Liontown appoints new CFO


Liontown Resources has announced the appointment of Jon Latto as chief financial officer (CFO).

Latto brings more than 25 years of senior financial management experience to the company. Prior to joining Liontown, Latto was CFO at Regis Resources. Prior to Regis, he held the same role at Doray Minerals. Latto boasts over 15 years’ experience at CFO for ASX-listed resources companies.

Latto has been acting as Liontown CFO since December 2022, his appointment now solidifies his position.

“I am delighted to confirm Jon’s appointment as our CFO and am pleased we can continue to benefit from his extensive expertise as we drive the rapid development of the Kathleen Valley lithium project towards production in mid-2024,” Liontown chief executive officer, Tony Ottaviano, said in an ASX announcement.

“Since he joined Liontown, Jon has made a significant contribution to the finance function, executive team and the board, building on his deep knowledge of financial management and broad experience in the resources sector.

“I look forward to working closely with Jon as we continue to transition Liontown Resources into a globally significant provider of battery minerals.”

The Kathleen Valley project in WA is Liontown’s flagship lithium asset. The company projects a three million tonnes per annum throughput rate when production starts in mid-2024.  

The project has attracted the attention of US chemical company Albemarle, attemped a takeover attempt of Liontown in March.

Albemarle submitted a non-bonding proposal to acquire all outstanding shares of Liontown for $5.2 billion. 

After review, Liontown’s board unanimously rejected the offer on the grounds that $5.2 billion undervalued the company, citing its Kathleen Valley project, about which the company said there are few other lithium assets of comparable “scale, quality and mine life”. 

Since the rejection, Albemarle has been snapping up a stake in Liontown through on-market purchases and now holds just below five per cent in the company.  

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