By Canadian Press

Trevali CEO resigns; embattled miner entered into creditor protection last month

Sep 16, 2022 | 1:33 PM

VANCOUVER — Trevali Mining Corp. says its president and chief executive, as well as its chief operating officer, have both resigned.

The Vancouver-based miner says Ricus Grimbeek, who has served as CEO since 2019, will step away from the company. It says chief operating officer Derek du Preez will also depart effective Oct. 14.

Trevali also says the Supreme Court of British Columbia has approved the company’s application for a sales and investment solicitation process for its wholly owned Caribou Mine in New Brunswick, as well as its 90 per cent interest in the Rosh Pinah Mine in Namibia.

Trevali filed for creditor protection under the CCAA (Companies’ Creditor Protection Act) in August.

As a result, the Toronto Stock Exchange has suspended trading of Trevali’s shares. The company’s common shares will be delisted at the close of the market on Oct. 3.

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Earlier this week, Trevali confirmed that two of its executives have been convicted of involuntary manslaughter in Burkina Faso in the wake of a flooding disaster at the company’s Perkoa Mine that killed eight workers.

This report by The Canadian Press was first published Sept. 16, 2022.

The Canadian Press