Avocet appoints new CEO, CFO to assist in the company’s restructuring

JOHANNESBURG (miningweekly.com) – West Africa-focused gold producer Avocet Mining has appointed Boudewijn Wentink as CEO with immediate effect.

His primary strategic objective will be to ensure the refinancing and restructuring that is critical to the future of the company.

David Cather will step aside as CEO but will remain on the board as technical director to provide oversight on technical and related matters.  

The company has also appointed Yolanda Bolleurs as CFO.

Bolleurs has experience in managing financial and operational restructuring, as well as cost optimisation processes for listed companies in mining, retail, logistics and telecoms.

She will support Wentink in achieving the strategic objectives.

"I welcome Wentink and Bolleurs, who both have considerable experience and expertise in corporate refinancing and restructuring, and who we believe to be the right people to address the challenges facing the company now,” chairperson Russell Edey commented.

INATA UPDATE
Production at the Inata operation in Burkina Faso continues to be affected by the knock-on effects of the suspension of operations in October and November 2016, with funding for inventories, spares and maintenance having been impacted by the need to clear overdue payments.

Discussions are in progress with creditors to allow the mine a period to free up operating cash flows to effect repairs needed to ensure predictable production levels.
 
Meanwhile, the approval by the Guinean government of the Tri-K Mining Convention, which remains the only condition before the completion of the first stage of the partial sale of the project to Managem SA, has been substantially achieved through the Parliamentary ratification of the Mining Convention in February.

However, the publication of a Presidential decree formalising this approval remains outstanding.

This publication, which is a formality, is expected shortly and, once announced, will trigger “first closing”, at which point Avocet will transfer 40% of its interest in the project in return for a payment of $4-million.

The programme to complete a bankable feasibility study for a carbon-in-leach project of at least one-million ounces, can then begin.