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American Rare Earths (ASX:ARR) - Non executive Director, Sten Gustafson
Non executive Director, Sten Gustafson
Source: American Rare Earths
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  • American Rare Earths (ARR) appoints Sten Gustafson as a Non-Executive Director as it works to become the next major rare earth and critical minerals company
  • The current CEO of special purpose acquisition company, Pyrophyte Acquisition, Sten also has 25 years experience in the global energy sector
  • With knowledge of US equity markets, ARR believes Sten will strengthen its Board as it looks to grow its US business
  • Chairman, Creagh O’Connor said with the appointment the company is well positioned to be a key player in the US Rare Earths Industry
  • Shares have been trading 4.41 per cent higher at 17.8 cents

American Rare Earths (ARR) has appointed Sten Gustafson as a Non-Executive Director.

Sten is the current CEO of special purpose acquisition company, Pyrophyte Acquisition which focuses on companies that provide products, services, equipment, and technologies to a variety of energy transition solutions.

He is said to have over 25 years of experience in the global energy sector and has advised on over 100 corporate transactions around the world for over $100 billion worth of transaction value.

Moreover, he was previously Chairman of the board of directors of the Norwegian company, Golden Energy Offshore and independent director for Western Rare Earths, the US subsidiary of ARR.

American Rare Earths is the only Australian company listed on the ASX with assets in the rare earth metals sector of the US It owns the La Paz rare earth project, which is believed to be the largest, rare-earth deposit in the states.

The company’s key focus is to build the next major rare earth and critical minerals company and play a key role in securing supply for the United States of America.

With experience in the US equity markets and corporate securities law, including expertise in investment banking, IPO’s, mergers and acquisitions, ARR’s Chairman, Creagh O’Connor said Sten’s expertise will strengthen the company board in its feat to grow its US business.

“It is a pleasure to welcome Sten to the Board of American Rare Earths,” the Chairman said.

“I’m excited for what the future holds in 2022 as we continue developing the La Paz project in Arizona and commence the maiden drill program at the Halleck Creek Project in Wyoming.

“We continue to increase our US presence and with Sten’s recent appointment we are well positioned to be a key player in the US Rare Earths Industry.”

Shares were trading 4.41 per cent higher at 17.8 cents at 1:44 pm AEDT.

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