SolGold ( OTCPK:SLGGF ) said Thursday that CEO and managing director Darryl Cuzzubbo has left the company effective immediately , after less than a year in the top job.
The company appointed non-executive director Scott Caldwell as interim CEO until a permanent replacement is named; Caldwell previously held roles including as CEO at both Guyana Goldfields and Allied Nevada Gold as well as COO at Kinross Gold.
Cuzzubbo took control in January after a long search to replace co-founder Nick Mather, who was opposed by nearly half of shareholders voting against his reappointment.
SolGold had sparred with large shareholders BHP ( BHP ) and Newcrest Mining ( OTCPK:NCMGF ) ( OTCPK:NCMGY ) over funding for its giant Cascabel copper-gold project under Mather’s guidance.
Earlier this week, SolGold ( OTCPK:SLGGF ) unveiled a $50M royalty financing deal to advance the flagship project in Ecuador, which reportedly reignited criticism from the two Australian miners .
According to a pre-feasibility study published earlier this year, Cascabel's annual production will average 132K metric tons of copper, 358K oz of gold and 1M oz of silver during the 55-year life-of-mine.
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SolGold CEO Cuzzubbo out after less than a year on the job