Primero Mining Corp (NYSE:PPP) reported at its Annual General and Special Meeting of investors that all directors selected as mentioned in the Management Information Circular were re-elected. This circular was presented in the last week of May.
In addition, Primero announced that shareholders voted in favor of the engagement of KPMG LLP as auditors of the firm for the ensuing year and has approved the Directors to define the auditors’ remuneration, with around 111.35 million shares voted for, that is, 98.23% and almost 2 million shares withheld, coming to 1.77%.
Primero also noted that the advisory poll on Executive Compensation was not approved by investors, with around 26.196 million shares voted for, that is 29.48%, and almost 62.666 million shares against, marking 70.52%. The company’s Board considers that existing compensation practices are allied with the interests of investors, but will take the outcome of this vote into consideration, as apt, when future compensation is decided. The Board will continue to involve directly with stockholders to receive feedback and pursue to advance its approach to executive compensation.
Joseph F. Conway, the Interim President and CEO, reported that the Q1 2017 set a turning point for Primero. They continue to pursue their strategy of minimizing the complexity, and the related costs, of operations. The company remained committed in achieving these objectives throughout the union talks during the quarter, and they were able to meet their objectives which they consider will enable for considerable cost decline at the San Dimas mine.
They were also effective in extending their revolving credit facility permitting more time to term-out Primero’s debt to better match their asset’s cash profiles. The next focus is rearranging the San Dimas business and bringing the mine to productivity so it can once again offer on its world-class potential. The company has renewed its commitment to exploration at its mines in attempt to continue growing their resource base and reserve and fully realize on their notable mineral endowments.