Australia's Image Resources drops to near 6-yr low on employee reductions

Image Resources NL

22/09/2023 02:16

** Shares of Image Resources NL  IMA.AX  drop as much as
13.1% to A$0.073, hitting their lowest level since Oct 2, 2017
    ** Stock set for worst day since July 29, 2022, if losses
hold
    ** The diversified miner initiated employee reductions due
to continuing delays in environmental approvals for mining at
onshore project in Western Australia 
    ** Co notified more than half of its operational employees
at project that their positions will be made redundant effective
30 Sept
    ** Following layoffs, IMA says project to move to care and
maintenance mode
    ** About 760,851 shares change hands, 3.9x the 30-day
average volume of 195,656 shares
    ** Stock down 37.8% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))