Lake Resources NL (ASX:LKE, OTCQB:LLKKF) has appointed Peter Neilsen as Chief Financial Officer (CFO) as the company accelerates international project financing and development activities for the “clean” Kachi Lithium project in Argentina.
According to the company, one of the main objectives of the new CFO will be to guide a panel of international project financiers to successfully secure financing for Lake’s lithium production.
His other main responsibilities will be to develop and help the Lake team in Argentina to organize development activities and lithium production. He will also assume the functions of co-secretary of the company.
Company Gradually Expands Team to Support Production Entry of Kachi’s “Clean Lithium” Development
“Critical to support Lake’s growth”
Welcoming the appointment, Lake’s Managing Director, Steve Promnitz, said, “Peter has experience working with large and small organizations in the energy and natural resources sector, which will be essential in supporting Lake’s major growth through production development.
“Expanding the financial support team in Argentina and Australia and securing project financing will be critical to the success of the business and the creation of increased shareholder value.”
Positive funding environment
The appointment follows Lake’s moves to advance project financing for Kachi, with preliminary interest received from more than half a dozen major international banks to participate in project debt financing led by a credit agency in export.
The positive funding environment follows the acceleration of the global decarbonization drive towards net-zero emissions, with lithium being a key ingredient in the electric vehicle and battery storage revolution.
Expertise and experience
Neilsen is a Chartered Accountant with over 20 years of experience in all facets of financial management, asset management and leadership.
He has held a variety of management positions including Chief Financial Officer, Corporate Secretary, Chief Financial Officer and other senior management positions for a number of listed and unlisted companies in the energy and natural resources sector.
Neilsen has also been involved in reducing operating expenses by up to $100 million through cost analysis, performance improvement and contract negotiations, acquisitions of up to $80 million, and managed revenues over $5 billion.
Resignation of Garry Gill
Peter Neilsen will replace Garry Gill, who will step down as Chief Financial Officer.
Following his resignation, Gill will continue to assist with the handover to Neilsen on a transitional basis.
The Board of Directors thanks Gill for his service over the past 18 months during a period of transformation for the company.