BULKS

Corsa Coal chief resigns

US-based metallurgical coal producer Corsa Coal’s CEO, George Dethlefsen, is leaving the company this week.

Staff Reporter
 Corsa Coal's outgoing CEO, George Dethlefsen

Corsa Coal's outgoing CEO, George Dethlefsen

The Canonsburg, Pennsylvania-based company said Corsa was leaving to pursue other opportunities. It would appoint Peter Merritts, currently president of Corsa's Northern Appalachia Division, as CEO and a director at the end of the week.

"Mr Dethlefsen's departure is not the result of any dispute or disagreement with the company or any matter related to the company's operations, policies, management or board of directors," Corsa said in a statement.

The Business Times reported Dethlefsen was moving outside the coal industry.

Corsa worked through tough times for coal under Dethlefsen's guidance to a position where it was able to open new mines in recent years.

Merritts, who joined Corsa in February 2015, has more than 40 years of coal industry experience. He was previously president of AMFIRE Mining in Pennsylvania and worked at Mapco Coal and Bethlehem Steel.

"The board of directors will be working closely with Mr Merritts and the senior management team during the transition period, while the company continues to focus on increasing shareholder value through improved operational, financial and other strategic opportunities," chairman Robert Sturdivant said.

Corsa (TSXV:CSO) shares are currently trading 40% below levels of a year ago and are  down 12% in the past six months at C65c, which capitalises the company at $61.6 million. Shares last peaked at $1.45 in September last year.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.