MinRes Job Cuts as Company Secures $1.1 Billion Asset Sale Approval
Tuesday, 10 September 2024, 14:44
MinRes Job Cuts Initiated
MinRes has announced significant job reductions as part of its ongoing efforts to cut costs. The company, which is heavily indebted, is making these changes in light of the recent approval of a $1.1 billion asset sale.
Details of the Asset Sale
The FIRB has given its stamp of approval for MinRes to sell a 49% stake in a dedicated iron ore haul road. This strategic move is expected to bolster the company’s finances amidst rising debt levels.
Impact on Operations
- Cost-Cutting Measures: In response to financial pressures, MinRes is slashing worker numbers and conditions.
- Streamlined Operations: The company plans to optimize its activities in WA mines and business sectors.
- Future Outlook: MinRes is focused on regaining stability and improving efficiency through these measures.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.