Minera overhauls board following review

Minera Gold has restructured its board of directors and cut costs, appointing former Mineral Resources director Ryan Welker to the board.

The Peru-focused miner announced today that chairman Christopher Chalwell and non-executive directors Brian Hurley, Robert McKenzie and William Lamarque had all tendered their resignations as directors.

Former Arafura Resources director Alex Losada will become non-executive chairman, while Mr Welker will join the board as a non-executive director.

Mr Welker has previously held roles with Hancock Prospecting, Rio Tinto and Standard Bank, and is known for his relationship with Hope Welker, the daughter of mining magnate Gina Rinehart.

Minera said that its managing director, Ashley Pattinson, would be issued shares in place of a 20 per cent reduction in cash compensation pay as the miner seeks to cut its operating costs.

The company's outgoing directors have also agreed to taking a portion of the amounts owed to them in shares in lieu of cash payment.