Highlands Pacific slashes costs and dumps MD John Gooding

ACT NOW! outside the Highlands Pacific office in Brisbane

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.

Leave a comment

Filed under Financial returns, Papua New Guinea

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s