Alta Copper Reconstitutes Board of Directors
Rhea-AI Summary
Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) has reconstituted its Board of Directors and made key management changes. The new Board consists of five directors, including two nominees from Fortescue Dr. Robert J. McDonald has been appointed as a new director, bringing extensive international experience and expertise in Peruvian affairs. Joanne C. Freeze has retired as President and CEO but will continue in a consulting role. Giulio T. Bonifacio, Executive Chair, will assume the duties of CEO.
The changes follow discussions with Fortescue and are aimed at accelerating the development of the Cañariaco copper project. Alta Copper believes the reconstituted Board will benefit the company and welcomes Fortescue's more active role in the project's advancement.
Positive
- Appointment of Dr. Robert J. McDonald as director, bringing valuable international and Peruvian expertise
- Fortescue taking a more active role in the company, potentially accelerating project development
- Streamlined Board structure with five directors, including two Fortescue nominees
- Retention of Joanne C. Freeze as a consultant, maintaining her expertise and project knowledge
Negative
- Retirement of long-standing executives, including the founder and former CEO Joanne C. Freeze
- Significant Board restructuring following withheld votes at the AGM, indicating shareholder dissatisfaction
- Potential disruption to company operations and strategy due to leadership changes
News Market Reaction – ATCUF
On the day this news was published, ATCUF declined 3.87%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / July 23, 2024 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or "the Company") announces it has appointed Dr. Robert J. McDonald as a director of the Company and reconstituted the Board of Directors (the "Board") with the retirement of Joanne C. Freeze, Sean Waller and Miguel Inchaustegui.
Further to the Company's press release of June 30, 2024, and discussions held with Fortescue Ltd. ("Fortescue") it was mutually agreed that the Board be reconstituted to consist of the following five directors: Giulio T. Bonifacio; Steven A. Latimer; Robert J. McDonald; Andrew Hamilton (Fortescue Nominee) and Christine Nicolau (Fortescue Nominee).
Joanne C. Freeze has retired from her role as President and Chief Executive Officer of Alta Copper. Ms. Freeze will continue in a consulting role for the Company. Ms. Freeze founded Alta Copper in 2000 and over a 20-year period, led the Company's efforts from initial discovery at Cañariaco to what is currently one of the largest copper deposits in the Americas not held by a major.
Giulio T. Bonifacio, Executive Chair and Chief Executive Officer commented "On behalf of the Board of Directors and all Alta Copper's stakeholders, I sincerely thank Joanne for her significant contributions and dedication over the past 20 years. During this period, Joanne has played an instrumental role in Alta Copper's development of the Cañariaco copper project. We look forward to continue working with Joanne on a consultancy basis. Furthermore, I would like to thank Miguel Inchaustegui for his long-standing service and contributions as well as Sean Waller's former President of Alta Copper and key advisor all of which has contributed considerably to the advancement of the Cañariaco Project."
After further discussions with Fortescue we believe a reconstituted Board will prove beneficial for the Company and result in the accelerated development of the Cañariaco Project. The Company is encouraged by Fortescue's desire to take a more active role and welcomes the opportunity to work with Fortescue a global mining company with deep experience in the development, construction and operation of large-scale base metal mines.
Board Appointment - Dr. Robert McDonald
Dr. Robert McDonald is a seasoned international executive and independent advisor with over three decades of experience, spanning roles in the private and public domains. He is a native Peruvian (and a British citizen) with broad exposure. A Cambridge-educated economist and linguist with a PhD in Management Sciences, he brings a unique blend of academic rigour and practical executive expertise to board roles. Dr. McDonald's career highlights include serving as a ‘politically independent' chief advisor to Peru's President on high-priority projects, demonstrating his ability to navigate complex political landscapes and drive large-scale initiatives forward from conceptual phases through to development, with a proven record of fast-tracking complex projects. Three Declarations of National Interest are evidence of Dr. McDonald's previous achievements.
His diverse professional background encompasses consulting and CEO roles in international corporations, government, entrepreneurship, industry associations, technology/ internet, family office wealth management, and academia, providing him with a comprehensive understanding of global business dynamics, well anchored in his roots and early upbringing in Perú.
As an independent board member, Dr. McDonald offers invaluable insights into corporate diplomacy, stakeholder engagement, social license to operate, and both the intersections of extractive industries and renewable energy, and between the interests of the private and public sectors, particularly in Perú. His academic contributions, including published works and a visiting fellowship at Oxford University's Latin American Centre, further enhance his capacity to provide independent advice. He is also a lecturer at the Universidad San Ignacio de Loyola in Perú in Economics and Project Management.
Dr. McDonald's multilingual skills, cross-cultural expertise, and proven track record, make him an exceptional asset and addition to the Alta Copper Board.
Management Appointment
Mr. Bonifacio, Executive Chair of Alta Copper will assume the duties of Chief Executive Officer with the retirement of Ms. Freeze.
Dale Found will continue in his role as Vice President, Chief Financial Officer and Maria Paz Alfaro has been appointed as the Corporate Secretary of the Company.
Majority Voting Policy
At the Company's annual general meeting of shareholders held on June 28, 2024 (the "AGM"), while all of management's nominee directors were re-elected, Joanne C. Freeze, Sean Waller, Miguel Inchaustegui and Steven Latimer (the "Withheld Vote Directors") received a greater number of withheld votes (the "Withheld Votes") than votes in favour of their election.
For each of the Withheld Vote Directors, between
The Board met with each of the Withheld Vote Directors abstaining, and in accordance with the Company's Majority Voting Policy, approved the Board as reconstituted with the resignations of Joanne C. Freeze, Sean Waller and Miguel Inchaustegui being accepted.
About Alta Copper
Alta Copper is focused on the development of its
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.
On behalf of the Board of Alta Copper Corp.
"Giulio T. Bonifacio", Executive Chair, Chief Executive Officer and Director
For further information please contact:
Giulio T. Bonifacio, Executive Chair, Chief Executive Officer and Director
gtbonifacio@altacopper.com
+1 604 318 6760
Email: info@altacopper.com
Website: www.altacopper.com
Twitter: https://twitter.com/Alta_Copper
LinkedIn: https://www.linkedin.com/company/altacopper/
Facebook: https://www.facebook.com/AltaCopperCorp
Instagram: https://www.instagram.com/altacopper/
YouTube: https://www.youtube.com/@AltaCopper
SOURCE: Alta Copper Corp.
View the original press release on accesswire.com
FAQ
Who are the new members of Alta Copper's (ATCUF) Board of Directors?
Why did Alta Copper (ATCUF) reconstitute its Board of Directors in July 2024?
What changes were made to Alta Copper's (ATCUF) management team in July 2024?
Who is Dr. Robert J. McDonald, the new director of Alta Copper (ATCUF)?
