Harena Appoints Stephen Weir as Non-Executive Director in Strategic Board Restructure

The area surrounding the Ampasindava rare earth project

Joe Belladonna transitions to business development role as Harena eyes Ampasindava rare earth project financing

Weir brings equity markets and mining finance expertise to advance Madagascar asset

Harena Resources, listed on the London Stock Exchange, has appointed Stephen Weir as a non-executive director effective immediately, marking a strategic change in governance as the company progresses its 75%-owned Ampasindava rare earth project in Madagascar.

Joe Belladonna, who served as Managing Director, will step into a non-board role as General Manager of Business Development, effective June 30. Harena will not appoint a new MD at this time. Technical leadership will remain with Allan Mulligan, who oversees geological and project development activities.

The board restructure is part of Harena’s plan to align governance with its development stage, while maintaining agility and expertise to execute project financing and strategic partnerships.

Weir brings over 25 years of corporate advisory and mining finance experience, including previous senior roles at RFC Ambrian and Bankers Trust, and most recently served as CEO of Magnetite Mines (ASX: MGT). He holds engineering and finance credentials, and currently serves on the boards of EQ Resources and GBA Capital.

His appointment was made under terms of Harena’s A$1.5 million loan note facility arranged with GBA Capital, whose principal controls 9.9% of Harena. The facility includes rights for the trustee to nominate up to two directors.

Weir holds 4.45 million Harena shares, representing approximately 1.07% of issued capital.

Chairperson Tim Morrison welcomed Weir’s addition, stating:

“Stephen brings deep mining industry experience and capital market insight. His knowledge of UK capital markets will be invaluable as we progress Ampasindava.”

Morrison also praised Belladonna’s leadership in securing Harena’s LSE listing and emphasized his continued role in securing public and private funding—particularly from U.S.-based rare earth processing initiatives.

The Ampasindava project is viewed as a potentially strategic supplier of rare earth elements critical to Western clean energy and defense sectors.

ScrapInsight Commentary

As critical minerals like rare earths become cornerstones of the global energy transition, governance expertise and access to capital markets are increasingly decisive. Harena’s strategic reshuffling aligns with a growing industry pattern: securing board-level leadership with financing pedigree to match soaring demand and geopolitical competition. For scrap and secondary markets, more rare earth production means a future uptick in recycling initiatives—especially if supply chains begin to localize and regulatory pressure mounts for circular sourcing.