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.
Para Resources (TSXV: PBR) announced that Javier Cordova has been appointed president and CEO, following a decision by the board of directors to focus on its Colombia assets and other opportunities in South America.
Cordova has been a consultant for the company since early 2018. Previously, he was the first minister of mining of Ecuador, serving from 2015 until 2018. According to Para, under his administration, the development of the Ecuadorian mining industry was significant, positioning the country as the new mining frontier in the region. Prior to being minister of mining, Cordova was the vice minister of mining and vice minister of the interior.
Para has been working with local miners and the government to formalize current mining activities at the El Limón operation
Given the focus shift, C. Geoffrey Hampson resigned as chief executive officer, Ian Harris resigned as president and director and Randy Martin resigned as chief operating officer.
“In the light of repositioning Para Resources as a company focused solely on Latin America, the board determined it was appropriate to have a South American-led management team with a regional point of view and strategy,” Hampson said in a media statement.
“Mr. Cordova has a lot of experience in the industry, in particular in South America dealing with ESG issues, governments and local communities. Mr. Cordova will be managing the proven management teams of Operadora along with Para’s existing assets to continue to build on the goodwill we have built in the region and to focus our strategic growth in Colombia and elsewhere in South America.”
Cordova, on the other hand, said he wants to leverage the work that Para has done to rehabilitate the El Limón mill and acquire a significant holding of mineral rights in the surrounding region.
El Limón is located in Zaragoza, a town in northern Colombia. The project includes both near-term mining and milling operations as well as prospective exploration properties.
