Capstone cuts 35% of positions from Vancouver office
Capstone Mining Corp. has cut 35 per cent of positions from its head office in Vancouver. As a result, the company expects to reduce $5-million (U.S.) per year in corporate general and administrative expenses.
CAPSTONE MINING Corp. has made reductions to its organizational structure, including changes to its senior executive team. This is designed to improve financial and operating performance by further empowering mine general managers and their teams to deliver profitable, safe and sustainable production within their respective business units.
Capstone Mining has eliminated 35 per cent of positions from its head office in Vancouver and expects to reduce annual corporate general and administrative expenses by approximately $5-million (U.S.) per year.
“We are committed to seeing our portfolio of assets achieve their full potential and deliver industry-leading returns for our shareholders,” commented Darren Pylot, president and chief executive officer of Capstone Mining. “These changes will help us streamline support to our operating teams as well as drive a sense of ownership, with each operation functioning as an independent business unit. The corporate team will focus on the significant organic growth opportunities within our portfolio.”
As a part of the company’s executive leadership transition, Gregg Bush, senior vice-president and chief operating officer, will retire from the company at the end of the year. At this time, Capstone Mining does not anticipate filling the role of chief operating officer in this decentralized operating model.
About Capstone Mining Corp.
Capstone Mining is a Canadian base metal mining company that is focused on copper. The company is committed to the responsible development of its assets and the environments in which it operates. Capstone Mining’s two producing mines are the Pinto Valley copper mine located in Arizona, United States, and the Cozamin polymetallic mine in Zacatecas state, Mexico. In addition, Capstone Mining has the large-scale 70-percent-owned copper-iron Santo Domingo development project in Region III,
Chile, in partnership with Korea Resources Corp., the Minto copper mine in Yukon, Canada, currently on care and maintenance, as well as a portfolio of exploration properties.
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George Leslie Brack, Robert Joseph Gallagher, Jill Veronica Gardiner, Kalidas V Madhavpeddi, Yong Jun Park, Dale Canfield Peniuk, Darren Murvin Pylot, Richard Norman Zimmer
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