Rare earths miner Arafura Resources has dumped half its board and it’s CEO.
The miner announced it as part of sweeping changes to the company.
Arafura blamed shaky, risk averse markets in Europe, which have shown a reluctance to invest, making it difficult to raise capital for new projects.
Ian Kowalick, chairman of Arafura, added that "whilst the company has made progress in many aspects of the development of the Nolans Project, including successful production of final rare earth oxide project, the development work has also identified some issues for which it will take more time to refine solutions.
"Given these circumstances, the company will focus its available capital on activities aimed at resolving outstanding technical issues and progressing current discussions with international investors with a strategic interest in rare earths," Kowalick said.
Due to this change in focus, the requirements of the board have reportedly changed.
This change has seen Lloyd Jones and Loretta Reynolds elect to retire, while Ian Laurence and Terry Jackson, who had already announced their retirement, will step down early from the board.
"Given this realignment of the development strategy, Steve Ward has also stepped down as managing director and CEO," the company stated in an announcement.
Kowalick had previously been voted off the board by one of the major shareholders, but was reinstated after discussions with investors, according to Adelaide Now.
The miner will continue to focus on the development of the Nolan Project.
In July last year Arafura secured a site in Whyalla for a rare earths processing plant.
It has signed a contract with OneSteel to purchase 800 hectares of land for the rare earths complex.