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Endeavour Silver Corp. (TSX:EDR,NYSE:EXK) has modified its 2013 financial plan, including cost reductions because of the drop in metal price expectations for the remainder of the year.
Endeavour Silver Corp. (TSX:EDR,NYSE:EXK) has modified its 2013 financial plan, including cost reductions because of the drop in metal price expectations for the remainder of the year.
As quoted in the press release:
As a result, management has initiated cost reductions in all areas, including but not limited to: deferring 20% of planned capital investments as non-essential in 2013, reducing non-core exploration expenditures by 25%, minimizing mine operating costs through workforce layoffs in both operations and exploration and down-sizing general and administrative costs with directors and management deferring 10% of their cash compensation and some staff reductions.
Endeavour’s CEO, Bradford Cooke, said:
Endeavour management successfully cut costs across the board through a similar market down-turn in 2008 and the Company emerged financially stronger and more profitable as a result. It pays to be prudent at times like this.
To view the whole press release, click here.Â
