03/07/2014 - 13:27

Silver Lake announces further job losses

03/07/2014 - 13:27

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Silver Lake Resources has flagged more job losses in July with the announcement that it plans to close its Lakewood facility in Kalgoorlie, which is the company’s second plant to shut down this year.

Silver Lake announces further job losses
Silver Lake's Murchison gold operation.

Silver Lake Resources has flagged more job losses in July with the announcement that it plans to close its Lakewood facility in Kalgoorlie, which is the company’s second plant to shut down this year.

The company said that the mill would be placed on care and maintenance, resulting in the loss of an undisclosed amount of jobs. 

The ongoing cost of placing the mill on care and maintenance is about $40,000 per month.

The news follows the announcement in February that the company would cease open-pit mining and ore processing at its Murchison gold operation in the June quarter, with 127 workers to lose their jobs. 

Silver Lake said the Murchison project would be placed on care and maintenance in July.

The Murchison project delivered 44,511 ounces of gold sold for the year. 

The company said all of the ore mined from its projects would be processed at the Randalls mill, south of Kalgoorlie, in effort to reduce costs compared with processing at Lakewood.   

Silver Lake said it had received a number of unsolicited expressions of interest to purchase the mill outright.

Silver Lake’s gold sales for the year from its Mount Monger operations totaled 172,838oz.

Full-year gold sales for the group totaled 217,349oz, including sales from the Murchison gold operation.

Silver Lake was one of the Perth companies that got bumped from the S&P/ASX All Australian 200 index in June.

The company’s share price fell by 4.5 per cent to 53 cents at 1:20pm WST. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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