Altaley Mining Corporation (TSX-V:ATLY) has named finance industry veteran Erick Underwood as its finance chief, as the Vancouver-based mining company focuses on transforming into a high performing and profitable company.
In a statement, Altaley Mining, which owns two Mexican gold, silver, and base metal mining projects, said Underwood will start his role with the company on February 1.
Underwood has over 25 years of experience in corporate development, business planning and analysis, treasury, and accounting for the mining industry, including 14 years based in Chile and Peru. He is currently CFO of Chesapeake Gold Corp (TSX-V:CKG, OTCQX:CHPGF), owner of the Metates project in Durango, Mexico.
“I am very pleased to welcome someone of Erick’s calibre into the company. Erick brings substantial operations and projects experience to the role, with a background in mining operations with both majors and juniors,” said Altaley CEO Mike Struthers.
“This experience will be invaluable as we transform Altaley into a consistently performing and profitable mining company in 2023. I want to thank outgoing CFO Omar Abrego for his tireless efforts to support the company over many years and wish him luck in the next chapter in his career,” he added.
Underwood was previously finance director at Cia. Minera Zafranal SA where he contributed to the successful completion of the feasibility study. He was also previously CFO of AQM Copper (TSX:AQM) Inc and prior owner and operator of Zafranal where he contributed to the development of the project and subsequent sale of AQM Copper (TSX:AQM) Inc to Teck Resources Limited.
Significantly, he has worked as an independent business planning consultant to mining companies Newmont and Barrick which forged a joint venture to develop the Norte Abierto project. Underwood has also played key roles in securing approval for investment projects such as the Highland Valley Copper $475 million mine extension and mill modernization, Antamina $1.3 billion 130 ktpd expansion, and the Spence $950 million greenfield project.
Underwood holds an MBA from the Rotman School of Management in the University of Toronto, and a Graduate Diploma in Management from McGill University. He holds a CPA, CMA professional designation from CPA Ontario.
“I’m very excited to join the Altaley team and work with Mike and the rest of the organization to take Altaley to the next level,” said Underwood. “I look forward to contributing to achieve Altaley's future aspirations to become a successful mid-tier producer in Mexico.”
Shares for debt settlement
Meanwhile, the Company also revealed that it has received approval from the TSX Venture Exchange for its previously reported 'shares for debt' arrangement involving settlement of an aggregate indebtedness of C$1.18 million through the issue of a total of 735,186 shares at a deemed issue price of $1.60 per share to an arm’s length mining contractor.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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