Deep Yellow Cuts Spending, Assets

Mining Weekly reported Deep Yellow (ASX:DYL) has cut spending on projects by divesting some of its assets and laying off staff.

As quoted in the market news:

In a statement on Friday, the ASX-listed company said that it would cut down on the number of its drilling rigs deployed at its sites, from the current seven rigs, to two rigs, and would cut down its staff numbers accordingly.

At its flagship Omahola project, Deep Yellow would continue with a targeted drilling programme at the Ongolo alaskite deposit and would complete mining study and metallurgical testwork, as well as conduct a detailed review of mining and processing options and an economic assessment of the project.

 Click here to read the full Mining Weekly report.