[miningmx.com] – SHARES in Kenmare Resources fell in London today after the company said it would have to cut up to 20% of its workforce at its Moma mineral sands mine in Mozambique.
This was despite a cost cutting programme in which it had delivered 14% lower unit costs in the first half of its financial year compared to the previous years. These efforts were insufficient to head off the effects of a decline in prices for its minerals.
Elsewhere, the company said production at Moma had been restarted after power had been restored following flooding from heavy rains in northern Mozambique.
