Herencia Resources PLC (LON:HER) have announced the appointment of Mr Peter Reeve as the company’s new chairman.
The multi-commodity company have said that the appointment will take immediate effect, with previous chairman John Moore stepping down from the role. The group acknowledged Mr Moore’s role in steering the company through a “recent difficult period.”
Prior to his tenure, outgoing chairman Mr Moore forged a career in Australian politics, having held the posts of Minister for Defence, the Minister for Industry, Science & Tourism and Vice President of the Executive Council. In addition, Mr Moore is a former stock broker, having operated as a member of the Brisbane Stock Exchange.
His replacement, Mr Peter Reeve has been involved in the industry for over 30 years, having held positions at Rio Tinto (LON:RIO), Shell-Billiton, Newcrest Mining and Ivanhoe Australia, of which he is co-founder.
Commenting on his recent appointment, Mr Reeve said, “The Directors and management of Herencia are already working hard to place the Company on a sustainable operating basis for an exploration company of Herencia’s size to allow exploitation of the significant geological potential of its copper assets.
“Herencia copper projects are valuable assets yet to realise their full potential. The new Directors believe that disproportionate focus was previously placed on achieving a mining operation rather than first evaluating the complete geological attributes of the properties. Early evaluation has commenced and is highlighting multiple prospects on the properties and areas with previous high-grade copper drill results warrant extensive new evaluation”, Reeve concluded.
Herencia is primarily focused in Chile, with a portfolio of various copper-silver and zinc-silver-lead-copper-gold properties.
At its Guamanga Project, the company is looking for a joint venture partner to help further the development of the project. At its La Serena project, Herencia announced it had signed an option agreement with another party in the interest of divesting from the asset.
Shares in the company are up 23.08 percent as of 10.21AM (GMT).