Australia's Peak Rare Earths rises after co names former Fortescue exec as new chair

Peking University Resources (Holdings)

11/07/2022 04:27

** Shares of Peak Rare Earths  PEK.AX  rise as much as 16.4%
to A$0.39, their biggest intraday gain since March 21 
    ** The rare-earths explorer says Russell Scrimshaw, a former
deputy CEO of iron ore giant Fortescue Metals Group  FMG.AX ,
has been appointed as incoming executive chairman 
    ** Current non-executive chairman Tony Pearson will remain
with the company as a deputy chairman
    ** Managing Director Bardin Davis to take the role of chief
executive officer 
    ** Stock hits highest since June 21
    ** PEK down 60.4% YTD, as of last close 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))