Former SSR COO becomes Guyana Goldfields GEO
TSX-listed Guyana Goldfields’ appointment of Alan Pangbourne as president and CEO with effect from January 1, lifted the embattled miner’s stock by 5.45% to C$0.58 apiece.
Pangbourne will succeed Allen Palmiere, a director of the company who was appointed interim CEO in late July until the search for a permanent CEO was completed.
Pangbourne brings to the role of CEO over 35 years of diversified management and senior operational experience with resource industry expertise in operations, engineering and major project development, along with a successful history of company turnarounds and mergers and acquisitions, Guyana said in a statement.
Pangbourne was most recently the COO at SSR Mining. Prior to that, he was VP for projects, South America, with Kinross Gold, and before that Pangbourne held a number of senior roles over 15 years at BHP, including president and COO of Nickel Americas, which included Cerro Matoso, Colombia and project development in Guatemala and Cuba.
Guyana has been under pressure from investors who complain that the company has lost significant value in the last three years, owing to the underperformance of the Aurora mine. The miner and dissenting shareholders, led by founder Patrick Sheridan, settled with the appointment of Palmiere as director and interim CEO.
The company said in October that its Aurora mine, in South America, would fail to meet its guidance and that it had started a mine plan review. The mine produced 22 100 oz of gold, amounting to 96 000 oz of gold produced in the first nine months of the year.
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