Key Personnel Changes, execution of a life-of-mine (LOM) mining contract & cost reduction initiatives: Beadell Resources Ltd.’s (ASX: BDR) stock witnessed surge in price by 7.80% to $0.055 on July 16, 2018 before market close. This is due to restructuring of management and Board, execution of a life-of-mine (LOM) mining contract, which will lead to significant reduction in LOM mining costs, and immediate implementation of other cost reduction initiatives. Simon Jackson, CEO and Managing Director, and a director of the Company, and Peter Holmes, Chief Operating Officer, are resigning from their current positions. Meanwhile, Dr Nicole Adshead-Bell (Ph.D., Geology), is now appointed as the CEO and Managing Director of the Company. Luis Pablo Diaz is now appointed as the Country Manager. Fábio Marques will now be the General Manager. Brant Hinze, who is currently a director of BDR and resides in the United States, is appointed as the Chairman. BDR is pursuing a primary listing in Canada. On the other hand, BDR has executed a LOM mining contract with U&M Mineração e Construção S/A (U&M), which is anticipated to result in a forecast ~US$100 million reduction in the LOM mining costs for Tucano. Moreover, the exit of the MACA contract will result in ~US$1 million per year in contract administration savings. The removal of the position of COO due to organisational redundancy, will result in decrease of corporate G&A by AUD$597,247 per year. The rationalisation of the Rio de Janeiro office, will result in annual savings of approximately BRL$2 million/AUD$700,000. The company has reduced the CEO & Managing Director cash compensation by 52% from the AUD$726,931 paid in 2017. Additionally, the company is making extra efforts to reduce additional cost for the Tucano Project.
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