TORONTO (miningweekly.com) – Toronto-based uranium miner Denison Mines has begun searching for a new CEO, after incumbent Peter Farmer announced he will step down at the firm's annual shareholders' meeting, scheduled for April 30.

Farmer “has indicated that it is time for a change in leadership at Denison”, the company said in a statement on Monday.

Candidates for the position of CEO have been identified and a search for further candidates is under way.

Denison has uranium mining assets in the US and Canada, as well as exploration properties in Zambia and Mongolia.

However, the firm has been hard hit by recent falls in prices for the nuclear fuel, prompting it to close some higher-cost mines in the US.

The company will also likely halt operations at its White Mesa mill, also in the US, in May, Farmer said last week.

He also warned that, as a result of the production curtailments, Denison expects it may be in breach of an earnings covenant by the end of the year, and has begun a process of considering potential transactions, including selling a stake in itself or some assets.

Farmer has worked at Denison since 1985.

“The company is highly regarded and respected in the industry and that is due in no small part to Peter's work over the years,” commented chairperson Lukas Lundin.

“I would like to express my personal gratitude to him and wish him the very best."

Denison shares fell 7,84% on Monday morning, to C$0,94 apiece by 9:51 in Toronto.

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