Lithium miner Galaxy Resources is on the lookout for a new boss, after Iggy Tan announced his resignation today.
Mr Tan has served as Galaxy’s managing director for the past four and half years.
Executive director Anthony Tse has been appointed interim managing director.
Chairman Craig Readhead said the company was truly appreciative of Mr Tan’s contribution.
Mr Tan’s resignation comes just over a month after Galaxy launched a deeply-discounted rights issue to raise $47 million.
The rights issue was priced at 8 cents per share, a 65 discount on its closing share price of April 24, the last day its shares traded.
The lithium miner has been cutting costs across its operations over the past year, including suspending work at its Mt Cattlin mine near Ravensthorpe.
Galaxy’s issues arose after a pipeline ruptured at its Jiangsu processing plant in China late last year, which led to the East China Mineral Exploration and Development Bureau withdrawing a $66 million financing commitment.
Executive director Charles Whitfield and independent director Michael Spratt, along with non-executives Yuewen Zheng and Shaoqung Wu, resigned from the Galaxy board in May, as part of the cost cutting initiatives.
