Brief: Sierra Rutile Says Area 1 Operations Suspended And Redundancy Program Commenced

Sierra Rutile Holdings

10/03/2024 23:33

March 11 (Reuters) - Sierra Rutile Holdings Ltd
 SRX.AX :
    * AREA 1 OPERATIONS SUSPENDED AND REDUNDANCY PROGRAM
COMMENCED
    * SUSPENDED ALL MINING & PROCESSING ACTIVITIES AT ITS AREA 1
OPERATIONS
    * COMMENCED ENGAGEMENT WITH GOVERNMENT OF SIERRA LEONE,
STAFF THAT
WILL RESULT IN 25% OF STAFF REDUNDANCY NOTICES BY END OF MARCH
    * MAY LOOK TO UNDERTAKE STRATEGIC REVIEW OF ITS SEMBEHUN
PROJECT
    * ACTIONS IN RESPONSE ONGOING WEAK MARKET CONDITIONS,
UNCERTAINTY
REGARDING FISCAL REGIME IN AREA 1 OPERATIONS
    * IS HOPEFUL THAT SUSPENSION OF AREA 1 OPERATIONS WILL BE
BRIEF
    * WILL USE FINISHED GOODS INVENTORIES FUNDS FOR STATUTORY
TERMINATION BENEFITS TO MEMBERS OF WORKFORCE MADE REDUNDANT

Further company coverage:  SRX.AX 

 ((Reuters.Briefs@thomsonreuters.com;))