American Rare Earths (ARR) has announced operational and structural changes to expedite the development of the Halleck Creek Project in Wyoming, US.
The company will now develop the project through a wholly owned subsidiary, Wyoming Rare (USA) Inc. (WRI), having its own capital structure and funding sources.
This move aims to lure US investors and partnerships, enhancing the project’s value.
WRI will concentrate on developing the Cowboy State Mine, part of the Halleck Creek Wyoming State Tenements.
With a recent energy fund grant from the State of Wyoming and a clear permitting pathway, WRI is positioned to advance one of largest rare earth deposits in North America.
The project has significant exploration potential, with less than 75% of the mineralised zones drilled and the deposit remaining open at depth.
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By GlobalData
The leadership team for WRI will include Sten Gustafson, vice-chair of the American Rare Earths board, as chairman.
Joe Evers, ARR’s general counsel, will serve as the president of WRI, while John Mansanti will advise on the development of the Cowboy State mine.
ARR will maintain its exploration activities in Australia and America, focusing on critical minerals.
Chris Gibbs will take over as ARR CEO. Donald Swartz, current ARR CEO, will transition to an advisory role over the next 90 days to support the new leadership.
ARR chairman Richard Hudson said: “The Halleck Creek Project is key to the State of Wyoming, and we are committed to delivering value for our shareholders through dedicated development and strategic partnerships.
“The changes we have determined will allow the full value of Halleck Creek to be realised as a strategic project for North America, while ensuring ARR continues its highly successful exploration activities in pursuit of our vision to be a leading player in the critical minerals sector.”
