Kalgoorlie Mining Company boss steps down

Kalgoorlie Mining Company CEO Chris Daws has stepped down only a week after the company's Bullant gold project was put on care and maintenance.

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Kalgoorlie Mining Company CEO Chris Daws has stepped down only a week after the company’s Bullant gold project was put on care and maintenance.

The company said while Daws would resign from the executive position he would remain on the board as a non-executive director.

Production at Bullant was suspended after a financial review of the project found continued operation was unprofitable.

The review said a combination of missed production targets and high processing costs had hampered the mine.

The company said it had also appointed Patersons Securities as a corporate adviser for its refinancing plans.

"An internal working committee comprising the chairman and the company’s internal financial consultant are working with Patersons to assess fundraising options," it said in a statement.

KMC has asked the ASX for a trading halt on its shares while it attempts to organise a financing plan.

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