PERTH (miningweekly.com) – Embattled gold miner Orinoco Gold has reported the resignation of nonexecutive chairperson Adrian Byass and nonexecutive director Andrew Allan, only days after administrators were appointed.
Orinoco at the end of last week appointed administrators after the ASX suspended share trading of Orinoco shares, saying that the company’s financial condition was not adequate to warrant its continued quotation under the current listing rules.
The suspension resulted in Orinoco cancelling a proposed A$5.4-million rights issue, and appointing administrators to implement a restructure of the company’s finances and ownership to recapitalise the Brazilian operations, allowing them to reach their full potential.
Orinoco owns the Cascavel operation, in Brazil, where the company in January launched an operational and leadership review to address issues in optimising production and cash flows.
The company also underwent a management restructure in January, with the resignation of MD Jeremy Gray and the appointment of Matthew O’Kane as interim executive director.
Helcio Guerra and Terry Topping also resigned as directors, while Francisco Barreto was appointed as director and Joel Ives and Albert Longo were appointed as joint company secretaries.