Coalcorp Announces Management Changes and New Board Membersadmin
September 2, 2008 Filed Under: Coal Mining
Coalcorp Mining Inc. announced changes to its management structure, as well as additions to its board of directors.
Effective September 1, 2008, Mr. Luis Urdaneta has been appointed as the Chief Executive Officer of the company. Mr. Urdaneta is a graduate of Zulia University (Venezuela) and Penn State University (USA) and has degrees in petroleum engineering and computer science. After holding increasingly senior positions with Lagoven S.A., a subsidiary of PDVSA, Venezuela’s national oil company, in 1986 he was given the job of founding Carbozulia, S.A. and appointed President. Under Mr. Urdaneta’s leadership, Carbozulia developed the Paso Diablo mine, the largest coal mine in Venezuela, which is expected to produce 7.5 million tonnes by 2009. Mr. Urdaneta moved back to PDVSA in 1994, where he took increasingly senior positions, ultimately retiring in 1999 as President of the Board of Directors and Executive President of PDV America Inc. Since then, he has worked as a consultant, primarily in energy and project management.
Michael Beckett, the Chairman of the board of directors of Coalcorp, stated that “now that current management has turned around operations and brought a renewed focus to the company, Serafino Iacono and Miguel de la Campa are leaving their positions of Chief Executive Officer and President, respectively, and will be responsible for overseeing the macro development of the business, particularly focusing on governmental and business relations in Colombia as the company seeks to consolidate, and possibly expand, its business. With the appointment of Mr. Urdaneta and the previously announced appointment of Mr. John Malysa as Chief Operating Officer of Colombian Operations, the company now has a well-rounded management team with strong operational expertise and experience, particularly focused on Latin America.”
Additionally, the former President, Colombian Operations of the company, Efrain Carrera, has taken on an advisory role, focusing on the development of the company’s port and rail strategies.
The board of directors of the company has also appointed two new independent directors, Messrs. Stephen Wilkinson and Allan Wakefield, to the board, bringing to ten the number of directors. Mr. Wilkinson, who received his MBA from Clarkson University (USA), is a geologist by training and is presently the President and Chief Executive Officer, and a director, of Valgold Resources Ltd., a TSX Venture Exchange-listed company with interests in gold properties in Venezuela, Guyana and Canada. Mr. Wilkinson was formerly the President and Chief Executive Officer of Northern Orion Explorations Ltd. and worked as a gold analyst at RBC Dominion Securities Ltd. for three years.
Mr. Wakefield obtained his BA from Yale University and his MBA from Harvard University. He has most recently worked as a consultant to industrial and technology companies, and has previously served as a director and member of the special committee of Hollinger Inc. He has worked internationally for Alcan Aluminium Limited, Spar Aerospace Ltd. and Indal Limited in various general management, strategic and finance-related roles.
Commenting on the appointments of Messrs. Wilkinson and Wakefield, Michael Beckett added “we are pleased to welcome two very qualified and experienced members to our board, which now has very strong independent representation. We expect to nominate an additional two directors when we next have our annual meeting of shareholders.”
The appointments of Messrs. Urdaneta, Wilkinson and Wakefield are subject to regulatory approval.
Coalcorp is a coal mining, exploration and development Company with interests in the La Francia coal mine and related infrastructure projects and a number of coal exploration properties, all located in Colombia. Further information can be obtained by visiting our website www.coalcorp.ca.