He is a former managing director of Aberdeen Asset Management Ireland and is currently the non-executive chairman of Harena.
As non-executive chairman, he led a recent financial restructuring and strategic repositioning of the company.
Harena controls the Ampasindava ionic clay rare earth project in Madagascar.
It recently acquired the remaining 25pc of the concession that it didn’t already own from its Australian parent firm.
The concession has been a focus for potential development for decades.
But the strategic interest across the world in securing access to rare earth minerals has intensified interest in Ampasindava.
With China controlling 90pc of rare earth mineral production, there has been a push by regions including the European Union to secure access to alternative supplies.
Rare earth minerals are important for the production of many high-tech devices such as smartphones.
They are also used in the manufacture of items such as lasers, magnets, optical computer memory, TVs and batteries.
Harena has been conducting a pre-feasibility study that is due to be completed shortly.
Data from that will be used to develop a proof of concept early next year.
The company is eyeing commercial operation of the mine by the second half of 2028, with development expected to cost more than $140m (€119m)).
Ampasindava is expected to deliver 5,000 tonnes of total rare earth oxides every year.
Mr Murphy said that he is looking forward to transitioning to the executive chairman role next month.
“In addition, I look forward to working closely with the board as we advance the Ampasindava project towards production,” he added.
“With a 600,000-tonne ionic clay, free-dig, magnet metal heavy rare earth resource, Harena offers a unique and strategic opportunity at a time when mineral security is increasingly prioritised across the US and the western world,” he said.
Harena is trying to attract US investors to its project in Madagascar.
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