Cape Lambert Takes Cost-cutting Measures

Cape Lambert Resources Ltd. (ASX:CFE) announced that it has implemented cost-cutting measures to save an estimated AU$3.5 million a year. The measures include letting go of 117 staff members.

As quoted in the press release:

As a result, Cape Lambert has instituted a range of cost reduction measures across its business, including reducing its full time workforce at both head office and across its operations by 117 people. Cape Lambert has also reduced exploration activities across its portfolio of assets and placed some non-core assets on ‘care and maintenance’

Tony Sage, executive chairperson of Cape Lambert, stated:

We have seen a sharp drop in the iron ore price in recent months, coupled with a downturn in market conditions for the mining sector as a whole. With these factors in mind, Cape Lambert believes it is prudent capital management to find genuine cost savings across its business and postpone the second dividend payment scheduled for February 2015.

Click here for full Cape Lambert Resources Ltd. (ASX:CFE) press release