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Santiago-based Orosur Mining has announced the reorganization and streamlining of its senior management team following recent cost and workforce reduction measures, which are expected to save the company at least an additional US$400,000 a year.
Pablo Marcet has agreed to step down as exploration and development director, and reduced his contracted termination payment by 50% to an amount equal to 12 months of compensation, Orosur said in a statement. Marcet will remain on the board as a non-executive director.
CFO Daniel Moretti also resigned and agreed to halve his contracted termination payment to an amount equal to three months of compensation. His duties will be assumed by Orosur CEO Ignacio Salazar, the company said.
Orosur produced 12,471oz of gold in its fiscal first quarter 2016 ended August. It reported a net loss of US$2.44mn compared to a loss of US$1.33mn in the year-ago period.
San Gregorio in Uruguay is Orosur's only producing mine and the only operating gold mine in the country. The company also holds exploration assets in Chile (Anillo) and Colombia (Anza) in addition to other properties in Uruguay.