Endeavour Silver Corp Reacts to Drop in Metal Prices with Cost Reductions

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.