The reshuffle coincides with the $US5 million sale of the miner’s 5% interest in Blue Advanced Colloidal Fuels.

New executive chairman Hernan Martinez will assume the chief executive duties of Luis Carvajales, whose resignation is effective immediately.

Luigi Salemi Nieto will become chief operating officer, while Ricardo Plata takes over as executive vice president.

The news follows compounding financial woes for the Toronto-based miner, which posted a $US49.5 million net loss for the 2012 second quarter with significant year-on-year declines in production and sales.

Pacific Coal’s first-quarter 2012 profits and production dropped 23% and 12% year-on-year, respectively.

In July, Pacific Coal signalled the resignation of two directors from the company board, citing an effort to reduce general and administrative expenses.

In late June, the miner hinted at an attempt to curb financial worries by replacing chief financial officer Miguel Velasquez with consultant Patricia Herrera.

The company cited Salemi’s 25 years of experience in large-scale open pit mining and Plata’s 20 years of corporate management with national and multinational corporations.