Stephen Weir has joined the board of London-listed Harena Resources as a nonexecutive director with immediate effect.

In conjunction with his appointment, Joe Belladonna will transition from his current role, MD, to business development GM, a non-board executive role, with effect from June 30.

This planned transition is part of the company’s strategy to evolve board composition while maintaining an appropriately-sized governance structure for a company at Harena’s stage of development.

At this time, Harena does not intend to appoint a new MD, with Allan Mulligan leading the technical and geological aspects of project development of the company’s 75%-owned Ampasindava rare earth project, in Madagascar.

Weir has more than 25 years of experience in equity capital markets and corporate advisory roles.

He previously served as MD at RFC Ambrian, a UK-based mining corporate advisory firm, and previously held senior roles in the mining and metals team at Bankers Trust in Sydney.

Weir has an extensive background in mining and finance and most recently was CEO of ASX-listed Magnetite Mines, where he worked closely with the executive team to deliver the definitive feasibility study.

His expertise spans senior corporate advisory, project financing and construction management roles, and he is expected to bring this knowledge to support the development and financing of Harena’s flagship Ampasindava rare earth project development in Madagascar. 

Weir holds a Bachelor of Engineering (Hons, Mechanical) from the University of Melbourne, a Graduate Diploma of Applied Finance and is a member of the Australian Institute of Company Directors.

He is a nonexecutive director of EQ Resources and is a member of the GBA Capital advisory board.

Weir’s nomination and appointment is in accordance with the rights of the trustee under the company’s A$1.5-million loan note facility that was created in conjunction with the listing of Harena on March 21.

In line with the terms of the facility, the trustee has the right to appoint two directors to the board, of which Weir is one.

The facility was organised by GBA Capital, whose principle currently owns or controls 9.9% of the issued capital of Harena.

Weir currently holds about 4.45-million Harena shares, 1.07% of the issued capital.

“We are very fortunate to have attracted Stephen, a high-quality and experienced director to the board of Harena. Stephen brings deep mining industry experience and capital market insight at both executive and director level.

“His knowledge of the UK capital markets will be invaluable as we progress the Ampasindava rare earth project,” says chairperson Tim Morrison.

“I would also like to acknowledge enormous effort and contribution of Joe Belladonna whose leadership and determination has been instrumental in steering the company through to its successful LSE listing.

"Joe will continue to play a key role in our growth strategy by focusing on business development and advancing discussions around government and non-government funding – particularly aligned with growing US based rare earth processing capability and initiatives,” he adds.