Toronto-based gold miner Alacer Gold has appointed a new chief executive and will place its Australian operations into care and maintenance over the next 18 months, as it continues to seek a buyer for its local assets.
Alacer announced today that chief financial officer Rodney Antal would replace David Quinlivan as chief executive, with Howard Stevenson to take over as president and chief operating officer.
Alacer last month announced a $412 million writedown on its Australian mines, which include the Higginsville and South Kalgoorlie operations in the Goldfields.
Mr Antal said the decision to place local operations in care and maintenance was "regrettable" but should deliver strong cash generation.
"Given the recent volatility in the gold price and the time taken to secure an acceptable binding offer for the Australian operations, we have decided to pursue a strategy aimed at maximising near-term cash generation from our assets," Mr Antal said.
Non-executive director Stephanie Unwin will also step down from the company.
Ms Unwin was one of the founding directors of Perth-based miner Avoca Resources, which merged with Anatolia Minerals Development Limited in 2011 to form Alacer Gold.