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Jaguar Mining
today announced the implementation of a
comprehensive restructuring and turnaround plan to improve costs and
efficiency at its operations in the state of Minas Gerais, Brazil. The plan
incorporates objectives and initiatives identified by Jaguar's Office of the
Chairman, its new Chief Operating Officer and a number of expert industry
consultants who have been retained to assist with operational and cost
improvements.
Highlights of the restructuring and turnaround plan include:
-- Paciencia operations placed on temporary care and maintenance for mine
development catch-up
-- Cost reduction and productivity improvements at the Turmalina and Caete
operations
-- Focus on mining dilution reduction and development cost reduction at all
operations
-- Targeted 40 percent reduction in overhead and administrative costs
across
the Company
"Since making management changes in December, the Office of the Chairman has
taken a hands-on approach to reviewing operations, identifying the problems
and aggressively pursuing solutions," said Gary German, Chairman of Jaguar's
Board of Directors. "Our reviews have confirmed that we have sound assets,
including geological resources and processing facilities. However, our mine
planning, engineering and mining methods require changes for us to maximize
the value of these assets. We now have a very aggressive plan to make the
necessary corrections and improvements to increase productivity and enhance
profitability. We expect that full implementation will take 12 to 18 months
to complete but cost improvements are expected to begin to be realized
almost immediately."
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