Cleveland Mining Company (ASX: CDG) will consider appointing a Brazil-based chief executive officer to replace Peter Fisher who will be leaving the company.
As part of the restructure managing director David Mendelawitz will temporarily relocate to Brazil during the optimisation of the Premier Gold Mine and the expected fast-tracking of mining at the neighbouring O Capitão deposit.
Operations in Brazil will continue to be managed by Mine Manager Richard Crew, with current advisor to Cleveland and former Fortescue Senior Executive Rod Campbell playing an increased role in the management of the Company.
“I am confident that this restructure will provide a strong platform for the Company’s next phase of growth. On behalf of the Board, I would like to thank Peter for his efforts,” Mendelawitz said.
Cleveland has applied to start small scale mining at O Capitão. Ore from the deposit will be hauled to the Premier Gold Mine for processing.
This will allow the Cleveland Premier Joint Venture to mine a lower volume of higher-grade material from Premier using underground mining methods during this period.
The company had also secured earlier this month a $10 million investment facility with Boston-based Baycrest Capital, that would allow it to develop its Brazilian gold and iron ore projects.
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