- Write by:
-
Wednesday, June 24, 2020 - 4:16:34 PM
-
181 Visit
-
Print
Mining News Pro - Africa-focused FAR on Wednesday told shareholders that it was continuing to investigate selling off a part of its 15% interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) joint venture (JV), offshore Senegal, while also looking to cut corporate costs further.
FAR on Wednesday told shareholders that the company’s Senegalese subsidiary had received a notification from RSSD JV operator Woodside that the company was in default for not paying the most recent development cash call.
FAR noted that over the past several months, Woodside had been undertaking a programme to rescope, reschedule and reprice the RSSD project in order to reduce the capital expenditure, with FAR taking the strategic decision to preserve the company’s cash while it awaited clarity on the project capital cost amendments.
Under the default provisions, FAR had six months in which to fulfill its financial obligations, or risk forfeiting its participating interest without compensation.
FAR on Wednesday said that the company had now implemented a further round of cost cutting, consisting of staff redundancies and all senior executives and nonexecutive directors accepting a 20% cut to their fees, effective from July.
The board will also review this fee and salary reduction at least quarterly.
The latest round of cost cutting comes after a substantially reduced contractor headcount in April.
Short Link:
https://www.miningnews.ir/En/News/553464
Mining News Pro - Wesfarmers and Sociedad Quimica y Minera de Chile (SQM) have pulled the trigger on the $US1.4 billion ...
Mining News Pro - FAR will postpone a shareholders meeting to vote on the sale of its share in the Rufisque Offshore, ...
Mining News Pro - Oil and gas producer Woodside has struck a binding sale and purchase agreement to acquire joint ...
Mining News Pro - Australia’s Wesfarmers Ltd has delayed its final investment decision on the Mt Holland lithium project ...
Mining News Pro - Hormozgan Steel Company also plans to export 960 thousand tons of its products this year.
Mining News Pro - Following the government’s exit from Exchange Market and Fara Bourse Market, the percentage of ...
Mining News Pro - Kidman’s major asset is a 50% interest in the Mt Holland lithium project based in Western Australia, ...
Mining News Pro - CEO of Ghadir Iranian Iron and Steel Co. talked about unbalanced growth of steel industry and said: ...
Mining News Pro - A senior expert on international iron and steel markets said: “The price of iron ore will remain high ...
No comments have been posted yet ...