Why is this little ASX mining share soaring 18% on Friday?

Investors are sending this little ASX mining share soaring higher today.

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ASX mining share Tivan Ltd (ASX: TVN) is shooting the lights out today.

The Tivan share price closed yesterday at 5.7 cents. During the lunch hour on Friday, shares in the emerging vanadium miner are swapping hands for 6.8 cents apiece, up 19.3%. In earlier trade today, shares were up more than 22%.

That's particularly impressive on a day that sees the All Ordinaries Index (ASX: XAO) down 0.4%.

Here's what's driving investor interest in the ASX mining share today.

Fortescue's loss is Tivan's gain

The Tivan share price is soaring today after the ASX mining share reported that Guy Debelle is joining the board as non-executive director.

Debelle has just resigned as non-executive director of Fortescue Future Industries (FFI), the green energy branch of Fortescue Metals Group Ltd (ASX: FMG).

His marks the third top-level departure from the ASX 200 mining giant in just one week. Fortescue Metals chief financial officer Christine Morris's resignation was announced yesterday. CEO Fiona Hick also exited the company less than six months after taking the reins.

The Fortescue share price is down 5.2% today amid the news.

But Fortescue's loss looks to be a big boon for this little ASX mining share.

Prior to his position at Fortescue, Debelle spent 25 years with the Reserve Bank of Australia (RBA). For more than five of those years, he served as deputy governor of the central bank.

According to a release from Tivan, Debelle intends to invest $25,000 in the company by way of a private placement of shares at a price of 7.2 cents apiece. That's some 7% above the current share price.

Commenting on the appointment sending the ASX mining share soaring today, Tivan executive chair Grant Wilson said:

This is about talented people coming together, shoulder to the wheel, to advance durable pathways for Australia to navigate the energy transition.

Guy is highly regarded in policy circles and across global financial markets. His work ethic, intellect, networks and solution-driven ethos will further invigorate Tivan, and bolster our emergence as a strategic leader in the critical minerals sector.

Debelle said, "I am excited to join Tivan, who are focused on realising the great opportunity Australia has in the green transition, particularly in the critical minerals space."

How has this ASX mining share been tracking?

Despite today's big boost, the Tivan share price remains down 38% over the past 12 months.

The ASX mining share is down 15% in 2023.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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