Heron Resources Ltd.'s board asked CEO and Managing Director Wayne Taylor to step down from the positions, effective immediately.
The board said Sept. 18 that it is looking to recapitalize the company in response to a working capital deficiency caused by delays in ramping up operations at Heron's Woodlawn zinc-copper mine in New South Wales, Australia.
Heron started production at its Woodlawn project in May following delays related to the company's dispute with CIMIC Group Ltd. unit Sedgman Pty. Ltd. over additional costs for building the project. Most of Sedgman's claims were rejected by a contract superintendent.
