Iluka shares rise as Macquarie veteran James Mactier is named as chair
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The news: Mineral sands miner Iluka Resources has appointed former Macquarie executive James Mactier as its new chair, sending shares higher.
The numbers: Mactier will take over as chair and non-executive director from 5 May and also head the board’s nominations and governance panel. He will replace acting chair Andrea Sutton, who took over after Robert Cole retired in December.
Iluka shares were up 3.5% to $3.56 in early trading on the ASX.
The context: Mactier spent 24 years at Macquarie, including 15 years as co-head of its metals and energy capital division. He is currently chair of gold miner Regis Resources.
“Iluka has an established mineral sands business that is highly cash generative and is building a unique rare earths business. That combination is an enticing prospect for a new director, especially in the context of developments in the global economy and delivering for shareholders,” he said in a statement to investors.
Iluka in February posted a 33% drop in full-year profit amid subdued demand for mineral commodities.
The source: ASX
