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.

Stockwatch Daily - - FRONT PAGE - Mr. Dar­ren Py­lot re­ports

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.

We seek Safe Har­bor.

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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