Tungsten West, the owner and operator of Plymouth's Hemerdon mine, has announced changes to its board. Two non-executive directors, Adrian Bougourd and Martin Wood, will step down with immediate effect following the company's annual general meeting.
The AIM-listed company, headquartered in Plympton, said further announcements relating to the make-up of its board would be made at a later date.
Chair thanks outgoing directors
Stephen Harrison, chair of Tungsten West, said: "On behalf of the board and our shareholders, I would like to thank Adrian and Martin for their significant contribution and commitment to Tungsten West during a period of rapid change."
Mr Bougourd, a financial analyst at asset manager Lansdowne Partners, said he was "immensely proud" of the team's achievements. "Hemerdon is a world-class project with enormous potential," he said. "The project has far-reaching strategic, economic and social benefits for the local area, the South West and for the UK."
Mine production and government backing
Tungsten West took ownership of the Hemerdon mine in 2019 and has since invested years reconfiguring the processing layout and obtaining fresh environmental permits. Earlier this month, the company announced the mine had entered production and that ore was being processed through its plant for the first time.
The UK government has poured £71m into the project in a bid to support the mine's reopening and as part of a strategy to shore up domestic supplies of critical minerals such as tungsten.
Mr Bougourd added: "I am very grateful to all those stakeholders who have supported the project, particularly those early stage investors and employees without whose vision, trust and hard work the project would not have progressed as it has to date."
Supply deal and regional potential
Last week Tungsten West entered into an eight-year supply and offtake agreement with Elmet Technologies, a US manufacturer of tungsten products. Jeffery Court, chief executive of Tungsten West, said at the time the deal was a "major step" in establishing Hemerdon as "a strategically important source" of tungsten for the Western world.
Mr Bougourd said: "The South West has the potential to be a world-class critical minerals platform that is capable of producing high-value jobs and strategic minerals for many decades to come. I encourage all stakeholders to double down on their efforts to support the regeneration of the industry and those projects within the region."
