Iggy Tan has resigned as managing director of embattled lithium processing company Galaxy Resources, apparently to “pursue other interests”.
Mr Tan has headed the company over a tumultuous four-and-a-half year period during which shares in the stock soared on hopes Mr Tan could build a vertically integrated lithium business through the Mt Cattlin spodumene project near Ravensthorpe and a lithium processing plant in China.
However the company decided to shutdown its Mt Cattlin project in July last year and in November reported a pipe rupture at its Jiangsu plant in China had seriously injured 11 workers, two of whom later died.
The accident forced the company to close the plant for two-and-a-half months for repairs and a safety audit.
The plant problems prompted Chinese Government-backed East China Mineral Exploration & Development Bureau to withdraw a proposed multi-million dollar investment in the company.
Galaxy is now in a trading halt pending the completion of a heavily discounted $47 million rights issue announced last month.
The raising, which is not underwritten, is Galaxy’s 15th in five-and-a-half years.
Galaxy executive director Anthony Tse has been appointed interim managing director.
Galaxy shares last changed hands for 23 cents.