Eastplats Considers Job Cuts

Reuters reported Eastern Platinum (TSX:ELR,LSE:ELR) said it is considering cutting jobs at its Crocodile River platinum mine to counteract the consequences of rising costs and lower prices.

As quoted in the market news:

The management of Crocodile River Mine will consult with potentially affected employees to review the need for a possible restructuring, Eastern Platinum said.

The company, which last month stopped funding its Mareesburg mine and Kennedy’s Vale concentrator plant in South Africa, also ended a $100 million financing package to develop the Mareesburg mine.

Click here to read the full Reuters report.