Laurentian Bank said the unexpected resignation is causing anxiety among investors because Morley-Jepson is little known and the miner needs stable management to see through its strategy.
“The sudden resignation of the president and CEO is too much like falling on his sword at time when Wesdome needs good leadership more than ever,” mining analyst Barry Allan wrote in a note late Tuesday. “His departure was premature and occurs at an extremely unfortunate time.”
The announcement comes just a week after Wesdome said supply chain snarls were delaying the Kiena project near Val-d’Or, Quebec, by up to a year while lower-than-expected grades at the Eagle River mine in northern Ontario knocked output.
This month, Wesdome reported gold production of 110,850 oz. last year after saying in October it was aiming for around 120,000 oz. production, the lower end of its guidance.
Wesdome is working to increase production at Kiena, the…
