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.
First Majestic Silver Corp. (“First Majestic” or the “Company”) (TSX: FR) (NYSE: AG) is pleased to announce that Douglas Penrose has been appointed as Chairman of the Board effective January 1, 2012. In addition to his new role, Mr. Penrose will continue to serve as the Chairman of the Audit Committee.
Mr. Penrose is succeeding Robert McCallum, who plans to resign as Chairman of the Board to deal with personal issues and spend more time with his family. “We have been fortunate to have Robert serve our Company as a mentor and adviser. Robert has been a true father figure and thought-leader to First Majestic and we thank him for his leadership and for continuing to serve First Majestic as a director”, said Keith Neumeyer, President and CEO of First Majestic. The board of directors also wishes to thank Mr. McCallum for his past service and contribution to the Company.
Mr. McCallum stated, “I have decided to scale back on my professional activities and focus more on personal and family matters. As a consequence I will be relinquishing my position as Chairman of the Board while continuing on as a Director. My five years as Chairman of this dynamic and growth oriented Company have been extremely fulfilling and a fitting finale to a long career in mining spanning more than fifty years”.
Mr. Neumeyer continues, “Doug has continued to add value to the development of the Company since his appointment to the board in 2006 and we look forward to his continued leadership as our new Chairman. His knowledge of the business, committed work ethic, and experience with large corporations will be invaluable during the Company’s aggressive growth phase over the next few years.” Mr. Penrose has been a member of the Institute of Chartered Accountants of Ontario from 1974 to 2008 and the Institute of Chartered Accountants of British Columbia since 1978. Mr. Penrose brings over 20 years of experience in leadership positions in accounting and corporate finance. Mr. Penrose was formerly the Vice President of Finance and Corporate Services for the British Columbia Lottery Corporation, a company generating over $2 billion in annual revenues.
Mr. Penrose commented, “It is an honour to be appointed Chairman of the Board of Directors of such a dynamic and successful company as First Majestic. In my five years serving on the Board, I have seen remarkable growth in the Company. I look forward to continued success in the coming years as First Majestic becomes a senior silver producer.”
First Majestic is a producing silver company focused on silver production in México and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.
The full announcement can be found here.
