ABC Online
Silver mine to slash jobs
Posted 1 hour 39 minutes ago
Map: Texas 4385
Administrators say the work force at a cash-strapped silver mine near the Queensland-New South Wales border will be slashed from 80 to 12.
Macmin Silver Limited has been placed in administration, because its Twin Hills project at Texas consumed more working capital than expected.
Chris Munday from the administrators Pitcher Partners says the mine's future is being assessed.
"It's highly likely we'll put the mine onto a care and maintenance program during the administration process, in order to preserve the limited cash the company's got while we assess a restructure and recapitalisation of the company," he said.
Mr Munday says the mine is likely to be "mothballed" for at least the next few months.
He says there will be job losses.
"That's just unavoidable," he said.
"There's limited cash in the company, and we have to contain costs, that's vital, so that means staff losses, particularly at the mine site."
MMN
macmin silver ltd
