Tungsten West PLC (AIM:TUN) said it has appointed Neil Gawthorpe as its chief executive.
The company noted that Gawthorpe holds a Bachelor of Engineering in Mineral Engineering from the University of Leeds and has enjoyed a successful career in the mining industry, spanning almost 30 years,
Most recently he held the role of senior vice president Business Development at Allied Gold, where he was responsible for the due diligence on potential mergers and acquisitions, as well as leading transitional management and integration at newly acquired assets.
He was heavily involved in the integration of Allied Gold's flagship Sadiola operation in Mali, following its purchase from Anglogold Ashanti and Iamgold in late-2020. He played a key role in embedding the new management team and mining contractor, culminating in an on-time and budget restart of mining. He also provided similar support during the integration of the company's multiple operations in Cote D'Ivoire.
Gawthorpe also spent nine years as part of the executive team at Sierra Rutile Limited, taking a struggling operation and transforming it into becoming the world's largest rutile producer. After completion of several major expansion projects, the asset was sold in December 2016 for more than US$400mln.
"It is a privilege to join Tungsten West as CEO and to help deliver the world-class Hemerdon project for the Company, local community and the nation,” Gawthorpe said in a statement.
“Having had already worked with the Tungsten West team in an advisory capacity, I have no doubt this will be a smooth transition and I look forward to bringing this exciting project online. It is my immediate priority to conduct a review of the funding options and timeline for the Project and update the market with the results shortly."
Early-stage works on the Hemerdon restart project commenced in January 2023 and are continuing safely and as planned. Tungsten West noted.
This work includes bulk earthworks and civil engineering, which are necessary activities to ensure that the project remains on track for delivery eight to nine months from full project funding being agreed. Additional to this enabling work, the company has also received deliveries of steel rebar and components for the conveyor systems, and, as previously advised, has procured all long-lead equipment.
Accordingly, as of 31 December 2022 £14m of the project capital expenditure has been spent at Hemerdon since the company's IPO.
The company has now received four of the five permits required for the project restart, with work on the fifth ongoing. The company is also actively engaged in advanced negotiations with potential funding partners in respect of a combination of royalty, debt and equity financing, in order to secure the funds necessary to complete the project.
This will be a major focus of Gawthorpe's role as Tungsten West's new chief executive, and the process will be undertaken with the assistance of Hannam & Partners and VSA Capital.
Separately, Tungsten West said that Francis Johnstone and Grace Stevens have stepped down as non-executive directors with immediate effect.