The board has commenced a search for their successors and the executives will stay on in their roles until the leadership transition is complete.
"The board and I have agreed that it would be an appropriate time for me to step down as an executive of the company. Over the past decade Trevali has transformed from a successful explorer to a multi-operational, zinc focused, global base metal mining company," Cruise said.
He said 2018 was a busy year as the company built the new management and operating teams and the company was now well positioned for his successor to take the company to the "next stage of its evolution". "Given my intimate knowledge of the assets I look forward to continuing to support the team going forward."
It has been a tough year for Trevali, as the much-hyped zinc rally failed to materialise. The company's equity (TSX:TV) has lost 78% in Toronto over the past 12 months, and on Thursday fell within a hair's breadth of a new 52-week low at C43c. In 2010 the stock traded at $2.30 and at $1.69 last January.
Lower production
Trevali also reported full-year 2018 production of 407 million pounds of zinc, which came in at the lower-end of its 400-427Mlbs guidance. The company produced 41.7Mlbs of lead and 1.2Moz silver.
The Caribou mine in New Brunswick struggled due to challenging hangingwall rock conditions. This required changes to the geotechnical control management, that mainly entailed a move to the increased use of cemented rock fill in place of unconsolidated fill.
Trevali also increased development to ensure enough flexibility in the mine plan from 2019 onwards.
At Santander in Peru, higher grades and increased throughput are expected to result in increased zinc output in 2019.
The company expects to produce 361-401Mlbs zinc in 2019, as grades at Perkoa in Burkina Faso and Rosh Pinah in Namibia are expected to slide. This will be modestly offset by higher lead and silver output of 44-49Mlbs and 1.32-1.47Moz, respectively.
Consolidated operating costs are forecast to be higher, ranging between US$69-$76/t, with cash costs net of by-product credits expected between $0.81-$0.88/lb zinc. Including capital expenditures forecast of $74 million, consolidated all-in sustaining costs are expected to range from 99c-$1.09/lb.
