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Sundance Resources Limited (ASX:SDL) announced a number of cost cuts as part of a cash management strategy while it moves ahead with the development of its Mbalam-Nabeba iron ore project.
Sundance Resources Limited (ASX:SDL) announced a number of cost cuts as part of a cash management strategy while it moves ahead with the development of its Mbalam-Nabeba iron ore project. The company also told shareholders that director Fiona Harris will step down from the board at the start of January this year, reducing the number of board members to five.
As quoted in the press release,
The measures will ensure the continued advancement of the Project, which ranks as one of the best undeveloped iron ore Projects in the world based on its high grade iron ore and largely complete in country approvals and existing mining conventions.
Sundance MD Guilio Casello stated:
These are never easy decisions to make and we want to recognize the tremendous contribution and progress made by our staff and contractors to date. We do, however, believe these decisions are in the best interest of Sundance shareholders and will ultimately allow us to deliver a world-class iron-ore project.
Click here for the Sundance Resources Limited (ASX:SDL) press release