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Moly confirms cost, staff review but rejects re-domicile rumours

Moly confirms cost, staff review but rejects re-domicile rumours

Photo by Bloomberg

2nd April 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Dual-listed Moly Mines on Wednesday confirmed that it was evaluating its cost and management structure, but denied rumours that it would leave Australia to domicile in Canada.

The ASX- and TSX-listed miner was responding to media speculation regarding the future domicile of the company, and the position of its Australian staff. Reports suggested that the company was on the verge of closing its Perth office, and moving to Canada.

“We confirm that the company has no intention of re-domiciling to Canada,” Moly Mines said on Wednesday.

However, the iron-ore producer said that it was evaluating its cost and management structure with a view to reducing overhead costs and establishing a management structure that would be more sustainable.

“As part of this process, senior executive positions are under review. The review is expected to be finalised within the next week and announcements will be made when a final decision has been reached,” the company said.

Moly Mines operates the Spinifex Ridge iron-ore mine, in Western Australia and is evaluating the acquisition of copper and gold assets. During the year ended December, Moly Mines reported a net loss of $4.87-million on the back of a $6.5-million impairment on assets.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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