News: SRX Sierra Rutile Says Area 1 Operations Suspended And Redundancy Program Commenced

March 11 (Reuters) - Sierra Rutile Holdings Ltd (SRX) :

• AREA 1 OPERATIONS SUSPENDED AND REDUNDANCY PROGRAM COMMENCED
• SUSPENDED ALL MINING & PROCESSING ACTIVITIES AT ITS AREA 1 OPERATIONS
• COMMENCED ENGAGEMENT WITH GOVERNMENT OF SIERRA LEONE, STAFF THAT WILL RESULT IN 25% OF STAFF REDUNDANCY NOTICES BY END OF MARCH
• MAY LOOK TO UNDERTAKE STRATEGIC REVIEW OF ITS SEMBEHUN PROJECT
• ACTIONS IN RESPONSE ONGOING WEAK MARKET CONDITIONS, UNCERTAINTY REGARDING FISCAL REGIME IN AREA 1 OPERATIONS
• IS HOPEFUL THAT SUSPENSION OF AREA 1 OPERATIONS WILL BE BRIEF
• WILL USE FINISHED GOODS INVENTORIES FUNDS FOR STATUTORY TERMINATION BENEFITS TO MEMBERS OF WORKFORCE MADE REDUNDANT

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