The Conversation (0)
Comstock Mining Inc. (NYSEMKT:LODE) has appointed Judd Merrill as Chief Financial Officer. Mr. Merrill was previously the Chief Accounting Officer for Comstock since 2014.
The Company also announced that it has identified $1.5 million of potential cost reductions in all other non-mining activities.
As quoted in the press release:
Mr. Merrill brings strong financial planning, treasury and cash management experience in the mining sector in addition to his broader financial accounting, reporting and internal control experience, having worked as Controller of Fronteer Gold Inc. and as an Assistant Controller at Newmont Mining Corp., both in Nevada. He also worked for Meridian Gold Company and Deloitte & Touche LLP.
… During fiscal 2014, actual Lucerne Mine costs applicable to mining revenue were $23.3 million, or $19.1 million net of silver by-product credits as compared to $30.6 million, or $26.5 million net of silver by-product credits in 2013, a 24% reduction. The Company has guided to additional cost reductions of $5 million in 2015, expecting to reduce the $23.3 million to $18.3 million, before silver credits. The Company has also identified $1.5 million of potential cost reductions in all other non-mining activities, including general, administrative, land and environmental areas.
Comstock Mining President & CEO, Corrado De Gasperis, said:
We are synchronizing our mining and mine development activities, eliminating most third party consulting dependencies and consolidating responsibilities. In addition to Judd’s expanded role, we are bolstering our permitting competencies, consolidating mining, mine development and construction activities, optimizing our cycle times and shifts and related maintenance activities, reducing land and claim maintenance costs while already experiencing significantly improved fuel costs. Our actions to date have reduced our workforce, sustainably, by over 30 people across the system, already achieving well over half of our targeted savings.
Click here to read the Comstock Mining Inc. (NYSEMKT:LODE) press release