Mandalay Resources Corporation (TSE:MND, OTCQB:MNDJF) has announced a number of changes to its management team, including the combination of the group financial controller and chief financial officer positions, as well as eliminating several other roles.
The company said it has a strategic commitment to cost reduction.
“Cost reduction across all of Mandalay’s working groups is a major strategic commitment for the company. Since May of this year, we have worked to streamline Mandalay’s organizational structure and have either eliminated, or combined through promotion, the positions of chief operating officer, VP leadership development, performance & sustainability, chief cordilleran geologist, group financial controller, and manager, technical services," said president and chief executive officer, Dominic Duffy.
"These changes and the resulting reduction in salaries and overhead will create cost savings and allow us to focus on getting the very best performance from our key assets. We endeavour to be as lean and efficient as possible as we work to generate more cash and strengthen our balance sheet.”
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The company announced Nick Dwyer will serve as chief financial officer. Dwyer was previously the Group Financial Controller at Mandalay.
Ryan Austerberry will serve as general manager of Björkdal. Austerberry has worked with the company in several roles, previously holding the position of manager, technical services at Mandalay Corporate, and prior to that, manager, technical services at Björkdal.
Shares of Mandalay Resources were down 3.1% at C$0.15 on Wednesday.