Panoramic Resources slash 50 jobs at Savannah project
Panoramic Resources has announced that 50 employees at it’s WA Savannah project were made redundant last week, as it prepares to place the operation into care and maintenance.
The company said the weak US$ nickel price and uncertainty around the timing of a price recovery lead to the decision.
“By taking this decision, the remaining Savannah Resource will be preserved until the US$ nickel price returns to a sustainable level where the mining of the Savannah orebody, mostly likely in conjunction with the development of Savannah North, provides an acceptable return to shareholders,” the company said in it’s quarterly report.
“Regrettably, approximately 50 Savannah employees were made redundant on 27 January and additional redundancies will be necessary as the staged operational changes at Savannah are implemented.
“Importantly, were the US$ nickel price to improve significantly from current levels over the coming months, the Company has the option to review this decision.”
The Savannah project is to be placed onto care and maintenance over the next two/three months.