Just one week after being elected as Chairman of the CuDeco’s Board again, Peter Hutchison has announced his resignation.
Last week CuDeco held their AGM in Brisbane where Mr Hutchison addressed the board announcing several managerial changes, however his surprise announcement wasn’t mentioned.
Mr Hutchison has also resigned as a Director of the company where he has served as a member of CuDeco’s audit committee and the human resources, remuneration and nominations committee.
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He advised that he made the ‘regretful’ decision due to personal health reasons.
He said he believes its time for a fresh outlook for the company’s future and that the future of the company will be successful following the restructuring process which is currently in progress.
Mr Hutchison leaves with shares valued under $100,000 however ASX trading for the company is currently suspended.
A new chairman will be appointed by the Board at the next meeting.
Mr Hutchison has been a director since 2004.
Troubled copper producer CuDeco Limited suspended operations at their Rocklands operation, 15km from Cloncurry in August and have not re-opened the facility as yet.