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Jaguar Mining names new CEO after averting collapse

Jaguar Mining Inc. said Aug. 6 that it appointed Vernon Baker as its new CEO after averting a liquidity crisis.

Baker will replace former AngloGold Ashanti Ltd. executive Ben Guenther, who took the role on an interim basis. Guenther will remain on Jaguar's board.

In June, Jaguar warned of a possible collapse if it failed to repay a US$7.9 million bridge loan from Auramet International LLC. The company then successfully raised US$25 million through a private placement, which allowed it to settle the loan.

Net proceeds were also used for the underground development of the Turmalina gold mine in Brazil.