Mundo Minerals has announced a management shake-up, with founder John Langford stepping down as managing director, to be replaced by chief financial officer Ashley Pattison.
The company said in a statement released to the ASX today that Mr Langford stepped down to enable Mundo to implement a long-term executive succession plan as it develops two new South American gold mines.
Mr Pattison's appointment as managing director will be effective from April 27.
Mundo chairman Barry Eldridge said Mr Langford was a driving force behind the establishment of the company's $20 million IPO and its listing on the ASX in November 2006, as well as its subsequent growth and development as a South American gold producer.
Mr Eldridge said Mr Langford had guided Mundo through a challenging past five years, progressing its Engenho gold operation in Brazil to a stage where shareholder value should soon be unlocked.
"John has managed through these issues with skill, ability and dedication, and shareholders owe him a debt of gratitude for his contribution to the company," Mr Eldridge said.
"Resolving the issues associated with the proposed national park which have delayed development of the Crista resource now allows the Company to place an uninhibited focus on developing Mundo Minerals into a profitable gold mining company.
Mr Eldridge said the immediate development of the Crista resource at Engenho and increased exploration would see Mundo embark on a new phase of growth and development.
"This new era will see the implementation of key strategies that will drive ongoing asset value accretion and deliver sustainable profits and shareholder value," he said.
"The recent $15 million capital raising is vital to enable Mundo to deliver these strategies.
"These funds will drive the next stage of asset development and create the momentum that is greatly needed for the company to the benefit of all shareholders."
At 12:55PM (WST) Mundo's stock had dropped 3.7 per cent to trade at 13 cents.
