Australian resources and investment company Cape Lambert Resources has announced that it has recently completed a thorough review of its capital management strategy and projected expenditure in light of recent deteriorating market conditions and the substantial fall in iron ore prices.
As a result, Cape Lambert has decided to implement a range of cost reduction measures across its business, including reducing its full time workforce at both head office and across its operations by 117 people.
The company has also reduced exploration activities across its portfolio of assets and placed some non-core assets on ‘care and maintenance'. The total savings generated by these measures are expected to generate annual savings of approximately A$3.5 million.