Indore appointed Mr David Mendelawtiz as Managing Director and CEO of the company effective 15-Oct-18. Mr Mendelawitz brings considerable experience in exploration, mining and commerce. He previously oversaw the funding, discovery, development and commencement of mining at the Crixas Project in Brazil for Cleveland Mining Company Limited (Gold mine) and more importantly was the Head of Business Improvement at Fortescue Metals Group Ltd.
Emeco continues to deleverage its balance sheet as its cash generation increases, utilising excess cash to repurchase US$33.8 million of senior secure notes. This will reduce the company’s annual interest expenses by $3.1 million per anuum.
BHP this week increased its stake in SolGold, the majority operator of a copper mine in Ecuador. It increased its stake from 6% to 11.2%, at a 32% premium to the VWAP of 34 pence per share. This is another signal that commodity producers are beginning to ramp up spending after years of under-investment.