Polymetals Resources Ltd (ASX:POL) has promoted its non-executive chair David Sproule to the executive chair position, preparing to oversee the next stage of the company’s growth.
POL recently progressed to the due diligence stage, weighing up the acquisition of an Australian exploration and production asset currently in care and maintenance.
The company has, in principle, agreed to commercial terms to acquire the project, which POL says provides an opportunity for growth and diversification.
Polymetals is still processing legal documentation and regulatory approvals but will announce further details around the proposed acquisition in due course.
Highly experience mining professional
Sproule holds a Bachelor of Metallurgical Engineering, obtained from the Western Australian School of Mines, and has been self-employed for most of his 40-year professional career.
He founded the private company Polymetals Australia Pty Ltd in 1992, acquiring and developing several mining projects within Australia both privately and as chair of the company when it went public as Polymetals Mining Ltd, until the company merged with Southern Cross Goldfields in 2014.
Sproule has led feasibility studies, development programs and operations on numerous base and precious metal mining projects in Australia and Africa, focusing on value creation, capital efficiency, innovation and cost-effective operational practice.