Copper 360 has announced the resignation of CFO Ferdinand Nel, the latest in a string of executive exits this year that has dealt a blow to shareholders’ confidence in the group.
The announcement comes just four months after then-CEO Graham Briggs, formerly CEO of Harmony Gold, made an abrupt exit, leaving COO Gordon Thompson temporarily in his place.
The boardroom shuffle adds a layer of uncertainty to a company whose balance sheet is already under pressure from a heavy debt burden and a R265m loss in the latest financial year.
In a bid to manage its debt burden, the group last year announced a huge R1.5bn recapitalisation, more than double its market cap on the JSE at the time, including a R400m rights offer.
Shares in the firm were down 4.3% on Thursday, having tumbled more than 70% in the past year.
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