President and Chief Executive Officer - Aura Minerals
San Andres Mine Continuous Improvement Initiatives and the Canada-Honduras Economic Growth and Prosperity Act
The San Andres Mine is an open-pit heap leach gold mine located in the highlands of western Honduras, approximately 300 kilometres northwest of the country's capital city, Tegucigalpa, and covers 399 hectares. The mine has been in production since 1983 and has well-developed infrastructure, which includes power and water supply, warehouses, maintenance facilities, assay laboratory and on-site camp facilities. During late 2013 and continuing into 2014, Aura implemented a continuous improvement program at San Andres which resulted in further operational efficiencies and cost savings. Production was improved by the addition of a new secondary crusher with increased availability and utilization, increasing throughput and a focus on debottlenecking the plant.
On May 27, 2014 Aura announced an Increase in Mineral Reserves and Mineral Resources at San Andres.
- a 44% increase in total Proven and Probable Mineral Reserves and a 1.7% increase in Measured and Indicated Mineral Resources
- planned tonnage increase going forward to approximately 7 Mt of processed material per year
- current and anticipated reduction in operating costs
Aura's wholly owned mine in Honduras is one of the biggest companies in the country, employing about 700 people at the mine, one of two mines in the country, which will greatly benefit from the Canada-Honduras Economic Growth and Prosperity Act-an act to implement the Canada-Honduras Free Trade Agreement and parallel agreements on labour and environmental cooperation. This has received Royal Assent and Canada will now work with Honduras for a coming into force of the agreement as quickly as possible.
Jim Bannantine, President and Chief Executive Officer, Aura Minerals
Jim Bannantine joined Aura Minerals in October 2011, after having served as CEO of Intercap Energy Systems, a provider of systems and software to electric utilities and large commercial, campus and government customers. From 2005 to early 2010, Mr. Bannantine was a partner in Atlantic Capital Group and served as Managing Partner of their private equity activities, responsible for origination, investment due diligence, negotiation of transactions, investment pricing and structuring and fund raising. Between 2001 and 2005, he founded Acumen Capital, LLC, a private equity firm. From 2001 through 2002 he then led and then sold a start-up company, Dorsal Networks, to Corvis Corporation, which became Broadwing Corporation, a $900 million telecom company, where he served as President and Chief Operating Officer from 2003 through 2005. He also worked with Enron Corporation for ten years, holding several top management positions, including six years in Brazil, most notably as Chief Executive Officer for Enron South America's power and pipeline division. Mr. Bannantine served in the United States Army as Contracting Officer for the Corp of Engineers in Honduras, and as an Assistant Professor of Economics and Finance at the US Military Academy. He received an MBA from the Wharton School with Distinction and is a West Point Distinguished Graduate as well as being a licensed Professional Engineer.
Many thanks to Hatch for sponsoring this month's Luncheon Reception!
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