South American Iron & Steel (ASX:SAY) has appointed Odyssey Capital Partners to assist in the identification of new business opportunities and the sourcing of additional funding for working capital.
This includes opportunities beyond its traditional resource sector given the difficulties the junior mining sector is experiencing.
It has instigated a number of cost cutting measures aimed at minimising cash outflows through this transitional phase.
The company has also curtailed exploration activities in Chile while operational and administrative overheads have been reviewed and reduced.
Its directors have agreed to suspend key terms of their existing service contracts during this period of austerity, and will not receive remuneration until additional funding has been raised on the back of new opportunities or improved market conditions for juniors.
SAIS holds interests in three Chilean iron sands projects.
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