Vancouver miner Greystar Resources Ltd. (TSX: GSL) has announced major changes within its executive management team and board of directors.
The company has experienced a host of setbacks in the past year at its Angostura deposit – a $1 billion gold-silver project in northeastern Chile – including massive opposition from the locals and bureaucratic hurdles laid out by the Colombian government.
In May of 2010, the Colombian government rejected an environmental impact assessment, putting the entire project in jeopardy. (See “Greystar files Colombian appeal over stalled $1 billion mine” – BIV Business Today, May 3, 2010).
President and CEO Steve Kesler has been replaced with Nieto Loaiza, who is now president, and David Rovig who steps in as interim CEO.
Loaiza is an attorney specializing in constitutional and international law. Perhaps more tellingly, he is also president of NSG, a consulting firm specializing in environment management and socio-political analysis.
Clearly these changes are being made to get the Angostura project back up and running.
Loaiza said, “This is an important step for the company. The company will focus on reformulating the Angostura project in continued compliance with the laws of Colombia and in a manner that is environmentally sustainable and socially responsible to the people and the state of Santander, whose concerns we understand and will address.”
Incoming board member Juan Esteban Orduz added, “The path for Greystar is very clear. The Angostura project will succeed only if it truly benefits the people of Colombia – both the current and future generations – by offering them a better life while maintaining their land in a safe and sustainable manner.”
Shares in the company have reflected the volatility of the situation in Colombia: a 52-week high of $6.50 and 52-week low of $2.26.
Today’s close saw the share price at $3.12, up $0.03 on the day.