PERTH (miningweekly.com) – In an effort to combat the volatile commodity market, junior explorer Ampella Mining on Friday announced a range of cost cutting measures to preserve its treasury.
The company announced a 33% reduction in its expatriate staff as well as a 50% reduction in its exploration, field and administration staff, across the company.
Furthermore, MD Paul Kitto’s salary has been reduced by 20%, while nonexecutive directors fees had also been reduced by 20%. The junior also introduced a base salary reduction of 18% of all key executives with an offer of value matching performance rights, or a reduction in hours, or both, in lieu of a reduction in base salary.
Kitto said on Friday that the company remained focused on its strategy of discovering the mineable ounces required for the prefeasibility study at its Batie West project, in Burkina Faso.
“We have invested substantially into Burkina Faso and our focus remains on the long-term development and commercialisation of the Batie West project.”
Kitto noted that Ampella was continuing with its existing targeted exploration programme at Batie West, until the onset of the wet season.