Beadell Resources CEO and COO step down

A press release on the company’s website stated that Simon Jackson, CEO, and Peter Holmes, COO, had agreed to step down from their roles.

Jackson is replaced by Dr Nicole Adshead-Bell, who has been a non-executive director of the company – which owns and operates the Tucano gold mine in Amapa state, Brazil – since September 2016. Luis Pablo Diaz, will assume the role of Country Manager in Brazil, while Fabio Marques will become General Manager, replacing Diaz.

Adshead-Bell commented: “We acknowledge that Beadell has underperformed in terms of cost and production guidance. In the opinion of the Board and management, the key contributing factor to this underperformance has been an inability to mine waste and ore tonnes at the forecast rates assumed in the mining contract assumed by the predecessor management team (prior to Simon Jackson’s appointment) in November 2014. The ripple effect of a continual shortfall in material movement resulted in lower mined ore tonnes available to the plant. This was supplemented by low grade stockpiles and spent ore, resulting in a head grade that was materially lower than reserve grade, thereby negatively impacting production and revenue.”

In addition, the company has engaged in a life-of-mine contract with Brazilian contractor U&M Mineração e Construção at the Tucano gold mine that it hopes will reduce operating costs by US$100 million. The savings will be made by paying U&M on a volume basis, providing better cost predictability.

Read the article online at: https://www.globalminingreview.com/finance-business/17072018/beadell-resources-ceo-and-coo-step-down/