W Resources (AIM:WRES ) announced that its Non-Executive Director Pablo Neira has been appointed Executive Director to oversee the La Parrilla tungsten and tin project in Spain. 

Executive Director Appointment

The tungsten, tin and gold mining company with assets in Spain and Portugal, said Pablo, who boasts more than 32 years of industrial manufacturing experience, is based in Spain and is currently leading the company’s team at La Parrilla in Spain, as Managing Director. 

"Being based in Spain has been a major advantage operationally and he has now taken the helm at La Parrilla, where his leadership has already had a tangible impact on performance and productivity,” commented Michael Masterman, Chairman of W Resources.

CFO Appointment

As part of the strengthening of the W Resources management team, Paul Hailes has also been appointed as Chief Financial Officer, a non-board appointment, on a part time basis. 

W told investors that Paul brings ‘extensive capital markets, financial and commercial experience’ to the team, having previously held the role of Group Finance Director of AIM quoted Immunodiagnostic Systems and Non-Executive Director at Utilitywise.

Commenting on this new appointment, Masterman added that, “Paul brings strong capital markets experience and strengthens the team as we move into our next stage of growth."

Shares in W Resources have traded within a tight range of 0.11p and 0.12p in the past two weeks to open 1.87% higher this morning at 0.12p following the announcement.

3 Reasons to Follow W Resources

Focus on the Strategic Metal, Tungsten

W Resources’ strategy is a European mining company focused on delivering long term production of tungsten, a key strategic metal with ‘strong market fundamentals.’

The company said predicted supply shortages are expected to result in upwards trending prices with market forecasts of between US$445/mtu and US$530/mtu by 2023.

Multiple Tungsten Projects

W Resources has three tungsten projects: La Parrilla in Spain, Régua and Tarouca in Portugal and the CAA Portalegre gold/copper project in Portugal.

Its flagship project, La Parrilla, is one of the world’s largest tungsten mines, which commenced production in November 2019 and is funded by BlackRock. The project is a large, low-cost mine which is expected to deliver significant earnings growth in 2020.

With tungsten demand high and with tight supply, W said it is well positioned to benefit from this demand and higher prices, with offtake agreements already in place on La Parrilla. 

Improving Production Metrics

Last month, W Resources said it was “extremely encouraged” by the September performance at its La Parrilla mine in Spain after the plant improved substantially in 3Q20.

W Resources also recorded the highest tungsten metal production and recovery achieved to date with concentrate amounting to 54.7 tonnes in 3Q20, up 168% pro-rata and up 15% like-for-like.

W said improvements in production as well as the stability achieved at the plant which ‘improved substantially in September 2020 has allowed the Company to pay dividends.

"Noting the plant improvements achieved in Q3, we are extremely encouraged by the September performance, which is a strong indicator for plant performance and production in Q4.” said Michael Masterman, Chairman of W Resources.

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