Consolidated Zinc Limited (ASX: CZL; “Consolidated Zinc” or “the Company”) is pleased to announce CEO Brad Marwood will join the Board as Managing Director effective from 4 February 2019.
Mr Marwood, a mining engineer and resource industry executive with more than 30 years’ experience, has been involved in bringing nearly 20 gold and base metals projects into production in locations including Africa, Asia, Australia and North and South America, as well as managing numerous feasibility studies. He has held senior roles in groups including Normandy Mines, Moto Gold Mines and Perseus Mining.
Consolidated Zinc Chairman Stephen Copulos said “Mr Marwood will be invaluable in leading Consolidated Zinc as it establishes the Company’s next phase of growth as a commercial producer of high grade zinc and lead from the Plomosas mine.
He has overseen the recommencement of mining at Plomosas where we continue to improve our mining systems and increase production. We have established a revenue base through the treatment of ore at Santa Eulalia and sale of concentrate to Grupo Mexico which has established CZL on a sound footing for future growth. The free operating cashflows generated from Plomosas will be applied to reducing debt and recommencing resource definition drilling in the first quarter 2019.
“We are excited by the potential for Plomosas and are looking at opportunities for growth in Mexico and Latin America. We see a bright future in several areas which will deliver increased shareholder value.”
As the Company has moved to a US Dollar functional currency from 1 January 2019, all Director and Executive remuneration has been re-negotiated to US Dollars as part of the Company’s remuneration review.
The key terms of the Managing Director and Executive Director Service Agreements are set out in Appendix I.
ABOUT CONSOLIDATED ZINC
Consolidated Zinc Limited (ASX: CZL) owns 90% of the historic Plomosas Mine, located 120km from Chihuahua City, Chihuahua State, Mexico. Chihuahua State has a strong mining sector with other large base and precious metal projects in operation within the state. Historical mining at Plomosas between 1945 and 1974 extracted over 2 million tonnes of ore grading 22% Zn+Pb and over 80g/t Ag. Only small-scale mining continued to the present day and the mineralised zones remain open at depth and along strike.
The company has recommenced mining at Plomosas and is committed to exploit the potential of the high-grade Zinc, Lead and Silver Mineral Resource through the identification, exploration and exploitation of new zones of mineralisation within and adjacent to the known mineralisation with a view to identify new mineral resources that are exploitable.
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