Heavy Minerals appoints new CEO ahead of Port Gregory pre-feasibility study
Heavy Minerals plans to begin the pre-feasibility study on its Port Gregory garnet project following the appointment of Andrew Taplin as chief executive officer.
Perth-based explorer Heavy Minerals (ASX: HVY) has appointed mining professional Andrew Taplin to the role of chief executive officer ahead of a pre-feasibility study for the Port Gregory garnet project in Western Australia.
Mr Taplin has over 30 years experience in leadership, strategic, operating, and large-scale infrastructure project roles, including 25 years in the minerals sector with Rio Tinto (ASX: RIO) across mine, port and rail operations, mine and project development, studies and joint ventures.
His career has spanned multiple roles across varied commodities in Australia, Canada, the US and Africa.
Good timing
Heavy Minerals non-executive chairman Adam Schofield welcomed Mr Taplin to the company.
“Andrew’s appointment is good timing as we look to commence our pre-feasibility study at Port Gregory … he will play a crucial role in transforming Heavy Minerals from a junior explorer to a potential miner,” he said.
“Andrew’s global and multi commodity experience will also allow us to assess industrial mineral opportunities outside of our current portfolio.
Remuneration and incentives
Mr Taplin will receive $250,000 per year remuneration plus short-term incentives including 1.5 million unquoted options at premium volume weighted average pricing with 12-months escrow.
Long-term incentives will include 500,000 performance shares issued on completion of the pre-feasibility study and a further 500,000 issued after release of a definitive feasibility study.
He will also receive 500,000 shares when Heavy Minerals retains a market capitalisation of $30 million for a minimum of 30 days.
Mr Taplin’s contract contains standard provisions regarding duties, leave entitlements, confidentiality, intellectual property and restrictions.
Drilling campaign
In December, Heavy Minerals completed an infill and air core drilling campaign for 4,455 metres at Port Gregory.
Drilling tested east, north and south potential extensions to a maiden resource estimate released in May which sits at 135 million tonnes grading 4% total heavy minerals at a 2% cut-off grade.
It aimed to improve the resource classification prior to a pre-feasibility study and the release of an updated resource this year.