adminhalf of its workforce to stem losses.
“The new operating plan may result in up to 1 850 employees being affected. The operation currently employs approximately 3 745 people,” the company said in a statement.
The job cuts could be part of the company’s restructuring plan to develop and implement a new operating plan at the Ezulwini mine to optimise cash flow and overall profitability with a view to providing a stable
platform for the mine’s sustainability, the statement said.
“This is a necessary step if we are to safeguard the considerable investment made to date in this operation and the future sustainability of the mine,” said First Uranium president and CEO Deon van der Mescht.
Van der Mescht said the company has given the unions notice of possible employee reductions at the mine.
For the past nine months, the mine has been the subject of an intensive turnaround process but despite the resources devoted to improving the operations productivity, the expected improvement in production has not been forthcoming.
The FUM has been focused on the development of uranium and gold mines in SA, but it is trying to re- invent itself as a gold company. – Xinhua.
Online Reporter