PERTH (miningweekly.com) – Iron-ore miner Atlas Iron on Tuesday announced another board shuffle as part of its ongoing strategy to reduce costs.
Ken Brinsden, who was appointed as an executive director in June, after standing aside as MD, had now been appointed a nonexecutive director.
Meanwhile, Mark Hancock would resume the position of CFO following the resignation of Brian Lynn. The CFO role would also include the duties of Hancock’s previous role as COO.
Atlas had now reduced the number of senior executives from five to three, cutting corporate overheads in the process.
Atlas MD David Flanagan said the changes represented a total saving of around A$1-million a year and would ensure that the company retained Brinsden’s extensive operational skills and knowledge.
The iron-ore miner had been on a cost purge over the past 18 months in response to the falling iron-ore prices. It recently announced that cash costs fell to around A$55/t during the month of July, down from the A$66/t reported in the June quarter.