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Canadian Iron Ore Miner Trims Payroll
11/12/2015 - Canada’s New Millenium Iron Corp., which is sitting one of the world’s largest undeveloped magnetic iron ore deposits, is laying off six full-time employees, about 25 percent of its workforce, the company has announced.
In a statement, the company, which is based in Calgary, Alberta, said market conditions are to blame for the action. It also said it is considering further cuts as part of its 2016 budget, which is being put together now.
New Millenium said the move will net annualized payroll savings of around CA$672,000.
The company said that between the latest round of cuts and a downsizing that occurred in October 2014, it should have sufficient working capital to support activities through 2017.
“The downsizing decision is difficult, and we thank our employees for their contributions to NML’s significant advancement from an exploration stage company. As we move through this difficult period in the commodities cycle, we are judiciously managing our working capital while continuing the steps necessary to transform our resources into a successful iron ore business,” said Robert Patzelt, the company’s president and CEO.
The company controls the emerging Millennium Iron Range, a 210 km stretch that sits atop the provinces of Labrador, Ontario and Quebec.
New Millenium said the move will net annualized payroll savings of around CA$672,000.
The company said that between the latest round of cuts and a downsizing that occurred in October 2014, it should have sufficient working capital to support activities through 2017.
“The downsizing decision is difficult, and we thank our employees for their contributions to NML’s significant advancement from an exploration stage company. As we move through this difficult period in the commodities cycle, we are judiciously managing our working capital while continuing the steps necessary to transform our resources into a successful iron ore business,” said Robert Patzelt, the company’s president and CEO.
The company controls the emerging Millennium Iron Range, a 210 km stretch that sits atop the provinces of Labrador, Ontario and Quebec.
