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Castillo Copper directors agree to 50% fee reduction as part of capital preservation initiatives

The company recently confirmed a new target with iron oxide copper-gold (IOCG) potential within the Mt Oxide Project in northwest Queensland.

Castillo Copper Ltd - Castillo Copper implements initiatives to preserve capital and appoints Dale Hanna as company secretary
The Mt Oxide project, one of CCZ's three pillars, is in the rich Mt Isa copper-belt district

Castillo Copper Ltd (ASX:CCZ) has implemented several initiatives aimed at preserving capital in the current climate with directors agreeing to a 50% reduction in their fees.

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.

Quick facts: Castillo Copper Ltd

Price: 0.027 AUD

ASX:CCZ
Market: ASX
Market Cap: $22.42 m
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Castillo Copper now has eight 'highly attractive' drilling targets to go...

Castillo Copper Ltd's (ASX:CCZ) Ged Hall tells Proactive they've identified a sizeable IOCG target that further adds to the exploration upside of the Mt Oxide pillar project in northwest Queensland. He says of the four Iron-Oxide Copper Gold (IOCG) targets identified - Crescent, Flapjack,...

on 28/4/20

2 min read