Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
Wednesday, 7 August 2013
Great Panther Silver appoints former Newmont exec to board, to assist in improving operations
Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) has appointed W. James Mullin to its board of directors, the company said Wednesday.
Mullin, whose appointment is effective immediately, spent his entire 33-year career with Newmont Mining (NYSE:NEM), and is currently a retired professional engineer in British Columbia. He managed several mines during his time at Newmont, including the Copper Mountain mine in BC, moving up to the position of senior VP of North American operations for the company, before retiring from Newmont in 2001.
"Mr. Mullin's appointment strengthens the operational expertise of Great Panther's board, and will contribute valuable experience to the company's objectives of improving grades and reducing site costs in order to increase profitability," Great Panther said in its release Wednesday.
"His wide-ranging experience and understanding of mine engineering, reorganization and capital discipline will help maximize the value of Great Panther's current operations."
Last month, the company reported an increase in second quarter production in both gold and silver, adding up to a 22 per cent rise in total metal production during the period at its two operating mines in Mexico. The miner rebounded from low grades in the first quarter as a result of its focus on grade control and continues to concentrate on improving efficiencies and costs in light of lower metal prices.
Great Panther said in early July that non-essential budget items were cut, while some capital expenses were cut and deferred and corporate overheads lowered in order to conserve cash in an environment when miners are struggling to keep costs down as metal prices decline. The company cautioned, however, that despite an improvement in grades over the first quarter, operating margins will remain weak for the second quarter due to the sharp drop in silver and gold prices over the period.
The miner said Wednesday that through a series of mergers and acquisitions, Mulling became "skilled" at the integration and reorganization of operations to achieve substantial improvements in processes and cost savings.