Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Great Panther (TSX:GPR, NYSE-A:GPL) announced on Tuesday changes to its board of directors and the appointment of a new CEO.
Rob Henderson has been appointed president and CEO, effective April 21. With 35 years of experience in operations, capital projects and mining finance, Henderson was the former president and CEO of Amerigo Resources, a copper producer with assets in Chile.
At Amerigo, Henderson oversaw a $95 million debt financing to complete a major expansion project
In Amerigo, he oversaw a $95 million debt financing to complete a major expansion project.
Prior to Amerigo, Henderson was senior VP technical services at Kinross Gold.
“My immediate priorities will be to continue building on cost and operating efficiencies at Tucano and [to] grow production at all three mines,” Henderson said.
“I see tremendous potential in the asset base and am looking forward to leading the company through this period of transition into a mid-tier precious metals producer,” he added.
Board chair and interim president and CEO Jeffrey Mason has stepped down from both roles and will continue to provide consulting services to Great Panther.
Meanwhile, David Garofalo has been appointment as chairperson, effective immediately. He was most recently president and CEO of Goldcorp, which Newmont bought in April last year to create the world’s largest gold mining company.
In addition to Garofalo, Joseph Gallucci and Alan Hair have also joined the board.
Co-founder Bob Archer will remain on the board until the upcoming annual general meeting on June 24, but will not stand for re-election and, instead, will continue to serve the company in an advisory capacity.
Meghan Brown is also joining the company as VP investor relations.
