Ivanhoe to retrench as waits for SA licence

[miningmx.com] – IVANHOE Mines may cut 325 workers at its IvanPlats project in South Africa after waiting more than four months for the country’s government to notarise the project’s mining licence, said Bloomberg News.

Citing an e-mail from the company in which billionaire Robert Friedland is the executive chairman, Bloomberg News said that Ivanhoe Mines had “no choice” but to commence a Section 189 process which allows companies in South Africa to restructure.

“Given that we still have no definite indication of when the mining right will be executed, we now have no choice but to begin the process established under the Labour Relations Act that could lead to a reduction in our workforce,’ Ivanhoe said.

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