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Pacific sheds directors under financial pressure

COLOMBIA-focused producer Pacific Coal Resources has signalled the resignation of two directors from the company board, citing an effort to reduce general and administrative expenses.

Justin Niessner
Pacific sheds directors under financial pressure

Directors Federico Restrepo and Laureano von Siegmund have stepped down, recognizing that the size of Pacific Coal’s board of directors was larger than other comparable companies of similar size.

“On behalf of the company, I would like to extend our thanks to Messrs Restrepo and von Siegmund for their efforts and contributions to advance the company’s assets and we wish them all the best in their future endeavours,” Pacific Coal chief executive Luis Carvajales said in a statement.

Last week the miner first hinted at an attempt to curb financial worries by replacing chief financial officer Miguel Velasquez with consultant Patricia Herrera.

The cost-cutting and cost-control measures follow up on a 12% drop in production and a 23% drop in profits over the first quarter 2012.

The drops were due largely to a strike at the company’s La Caypa open pit in January which Pacific Coal said caused for the loss of some 75,000 tons of coal.

Carvajales said if not for the employee blockade at the mine earlier this year, results for the quarter would have been on target.

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