No reason was given for the move, nor did the miner indicate the effective date.

The position left vacant by Costa, who was CEO as well as investor relations director and a representative for CCX gold mining sister company EBX Group, would remain open until another executive could be elected during the company’s still-unscheduled board meeting, officials said.

A source told the Wall Street Journal that Costa’s position with EBX was also open.

CCX Carvao da Colombia SA is controlled by Brazilian mining magnate and billionaire Eike Batista.

The troubled 56-year-old businessman has endured a turbulent few months, with his company experiencing several management movements and announcing earlier this month that it would sell off two of its Colombian operations as he struggled to keep the commodities group afloat.

According to the WSJ report, Batista – whose representatives have not released any further comment on the changes – has lost billions over a 15-month period as he navigates rough financial waters.

It has widely been reported that the businessman has been divesting projects and logistics ventures across his portfolio in an attempt to raise cash following a decline in investor confidence triggered by company delays and debt.

MMX Mineracao & Metalicos SA, the entrepreneur’s iron-ore unit, agreed to sell control of a port in Rio de Janeiro earlier this month. Last month, Batista agreed to relinquish control of his LLX Logistica SA logistics unit to private-equity firm EIG Global Energy Partners.