The company’s four board members have agreed to reduce their directors’ fees as part of a series of measures to preserve cash in an environment where equity funding from capital markets has all but seized.
In addition, the board will be reaching out to all suppliers and service providers to renegotiate rates and offer equity-based payment compensation as part of broader measures to reduce recurrent expenditure.
The objective is to ensure that funds are optimally used to explore the three copper pillars in Australia and Zambia, as part of the strategic intent to transform Castillo into a mid-tier copper producer.
New company secretary
Castillo has also appointed a new company secretary in Dale Hanna, with the appointment to take effect immediately.
Hanna has 20 years’ experience working in chief financial officer, company secretary, corporate advisory and governance roles.
He started his career with Ernst & Young, Perth and has worked with many listed-ASX groups primarily involved in the mining and natural resources sectors, ranging from exploration, development and production phases.
Hanna is a chartered accountant and secretary, with current memberships at the Institute of Chartered Accountants in Australia and Governance Institute of Australia respectively.
In addition, he has a Bachelor of Commerce degree from Curtin University.
Hanna’s appointment coincides with the departure of Tim Slate who advised the board earlier in the year he would be leaving at the end of March 2020 to progress other business interests.
Castillo thanks Slate for his contributions during his three-year tenure with the group.