(Alliance News) - Castillo Copper Ltd on Tuesday said that it has started a wholesale strategic asset portfolio review in order to decide the best path forwards following a number of management changes.
Castillo is a base metal explorer primarily focused on copper across Australia and Zambia. Shares in the firm were down 13% at 0.39 pence each in London on Tuesday morning.
A key focus of the review will be determining which assets remain core and "highly prospective", so as to allocate capital in a way that maximises the portfolio's exploration potential.
Castillo also intends to align "core" assets with strategic partners focused on developing new copper supply chains. Assets deemed "non-core" will either be rationalised or sold to interested third parties.
The decision to conduct a strategic review follows a number of recent management changes.
On October 10, the firm said that Managing Director Dennis Jensen had resigned in order to "take up a new business opportunity". Jensen had been in his role since April 2022.
In his place, Castillo appointed Jack Sedgwick as interim executive director to assume responsibility for day-to-day operations and strategic intent.
Of the review, Chair Gerrard Hall said: "The board has considerable work to do progressing the strategic asset portfolio review but believes this is the right path to maximising shareholder value. The decisions flowing on from the outcome of this process will be announced in the coming weeks."
By Holly Beveridge, Alliance News reporter
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Castillo Coppe. (CCZ)