Northern Iron Cuts Staff, Halts Exploration

- September 17th, 2012

Mining Weekly reported Northern Iron (TSXV:NFE,ASX:NFE) suspended its exploration program and laid off staff to cut costs.

Mining Weekly reported Northern Iron (TSXV:NFE,ASX:NFE) suspended its exploration program and laid off staff to cut costs.

As quoted in the market news:

The ASX-listed miner, which owns the Sydvaranger project, in Norway, explained that the cost-cutting measures were needed as the margin between the C1 operating cost and the expected third-quarter sales price reduced, while there was uncertainty around the iron-ore price.

The current exploration programme has been suspended pending the recovery of the iron-ore price, while nonessential capital expenditure has also been deferred at its Sydvaranger mine.

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