Nevada Copper Corp. announced Feb. 13 that Giulio T. Bonifacio is retiring from his role as president and CEO effective Feb. 15. Mr. Bonifacio will continue to serve on the company's board of directors as a nonexecutive director.
Bonifacio founded Nevada Copper in 2005 and, over a 12-year period, led the company's efforts that included resource expansion, feasibility studies and the successful permitting of the underground and open pit deposits at the company's Pumpkin Hollow project in Nevada. Additionally, Bonifacio led efforts toward the completion of production-sized headframe, hoist and 1,900-foot-deep, 24-foot diameter concreted lined production sized shaft, all of which will lead to a shortened construction period at Pumpkin Hollow, with production currently targeted for 2019.
"I have truly enjoyed the past 12 years while working with what has been a very talented and dedicated group of mining professionals," Bonifacio said. "I take great pride and satisfaction with our team's considerable accomplishments against the backdrop of what was a challenging period in the mining sector. This is a very exciting time in Nevada Copper's development, and I look forward to fully supporting the company in my capacity as a director as we move toward production of the underground project followed by the open pit."
Bonifacio was also integral to the company attaining a significant refinancing package in December 2017, which now positions the company's Pumpkin Hollow project to progress into the construction phase. With this refinancing completed, Bonifacio believes it is the right time for him to retire and for the company to transition to new leadership for the next phase of Nevada Copper's continued growth and development.
"On behalf of the board of directors and all Nevada Copper's stakeholders, I thank Giulio for his significant contributions and dedication over the last 12 years," said Evgenij Iorich, Nevada Copper's chairman. "During this period, Giulio played an instrumental role in Nevada Copper's development, successfully leading the company through feasibility, permitting and into construction of the company's Pumpkin Hollow project. We look forward to his continued insights and guidance on the board."
The board of directors of Nevada Copper has commenced an international search process for a new president and CEO and has retained Korn Ferry International to assist with this process. The company expects to make further project update announcements as it brings on board a best-in-class mine-builder team and gears up for the commencement of construction.
Abraham "Braam" Jonker, currently a nonexecutive director of the company, will assume Bonifacio's responsibilities as interim president and CEO, effective from Feb. 18, and will work closely with Bonifacio to ensure an orderly transition until a new leader has been appointed.