UPDATE 2.30pm: WA Senator-elect Dio Wang has resigned as managing director of Clive Palmer's Australasian Resources to focus on his role as a parliamentarian for his boss' newly-formed Palmer United Party.
Mr Wang said it was time for him to move on after being given the honour of serving WA as a Senator in Federal Parliament.
"As much as I am pleased with the election result, it is also sad to leave the company," he said.
Mr Wang was elected in last month's re-run of the WA Senate election, after securing top spot on the Palmer United Party ticket.
Australasian Resources chairman Domenic Martino thanked Mr Wang for his contribution to the company over seven years, most recently as chief executive.
"It has been a difficult and challenging period for the company in which Dio has overseen cuts in the company's operating costs both administratively and on its projects whilst seeking long term solutions in both funding and strategic investors for the Balmoral South iron ore project," he said.
Australasian's chief financial officer and company secretary Grant Ryan has been appointed acting chief executive.
Australasian is majority controlled (69.83 per cent) by businessman Clive Palmer, who is also the Federal member for the seat of Fairfax in Queensland.
Australasian is seeking to develop the Balmoral South deposit in the Pilbara with another of Mr Palmer's companies Mineralogy, but the plan is bogged down in disputes with the State Government and the owner of the neighbouring Sino Iron project, China's CITIC Pacific.
Shares in Australasian were steady at 2.7 cents at the close.