Junior mining company Highlands Pacific has announced it is slashing costs and dumping its Managing Director, John Gooding, and two other senior executives. The remaining Directors and senior executives will be taking a 20% pay cut.
Highlands Pacific is the company responsible for the Ramu nickel mine, with its marine tailings dumping, and retains a small stake in the operation which is now owned by the Chinese State. The mine has been closed for several months following a fatal accident.
Highlands Pacific is also a junior partner in the proposed Frieda river mine, also owned by Chinese State interests.
In a statement released last week, the Highlands Pacific board said there was no prospect of commercial operations at Frieda river until at least 2024 and therefore the Board had “to make substantial changes to significantly reduce the Company’s future cost base”.
The statement says the announced staff changes will save the company $1.75 million a year.