Business
Appointment of Non-Executive Director
Appointment of Non-Executive Director.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n\n\n12 June 2023\nRainbow Rare Earths Limited\n(\"Rainbow\" or \"the Company\")\nLSE: RBW\n \nAppointment of Darryll Castle as Non-Executive Director\nRainbow Rare Earths is pleased to announce that Mr Darryll Castle has joined the Board as a Non-Executive Director. Mr Castle's appointment is pursuant to the nomination right held by TechMet Limited (\"TechMet\"), as set out in the Company's recent private placement announcement dated 9 May 2023, whereby TechMet may nominate one Director to the Board of Rainbow for so long as it holds at least 10% of the issued shares in the Company. Further to its major participation in the private placement, TechMet now holds 71,618,369 shares in Rainbow, which represents 12.0% of the Company's issued share capital.\nMr Castle is currently Director of Operations for TechMet. With a background in engineering, he has over 30 years' experience across company leadership, project/operational delivery and transformation, technical planning and implementation, fund management, business development and governance roles.\nThrough his extensive career he has served as an executive director of a number of mining and production companies including CEO of Trafigura Mining Group, CEO of PPC Cement (JSE listed) and CEO of Anvil Mining (TSX and ASX listed), where he was instrumental in completing the sale of Anvil Mining to China Minmetals for US$1.3 billion, and COO at Metorex Group Limited, as well as multiple board memberships of listed and private companies.\nMr Castle has first-hand operations and projects experience globally including in Cuba, Spain, Peru, and particularly on the African continent, having run projects and companies in the DRC, Zambia, Angola, Zimbabwe, Ethiopia, Rwanda and Tanzania.\nMr Castle is a South African national and holds a B.Sc in Civil Engineering from the University of KwaZulu-Natal and a Batchelor of Commerce from the University of South Africa, a Masters of Business Administration (MBA) and the Chartered Financial Analyst (CFA) qualification. \nWithin the last five years, Mr Castle was a director of Basil Read Holdings (JSE listed). The Company confirms that there is no further information required to be disclosed pursuant to paragraph 9.6.13 of the UK Listing Rules.\nGeorge Bennett, CEO of Rainbow, commented: \"We are delighted to welcome Darryll to the Board. ...