ml, Optimizing production by cutting 75 positions seems to indicate that there is more to this story than meets the eye. Do you know which of the three recently 'merged' companies had control of the Lupin mining operation (btw, weren't lupins a form of food or money in one of the earlier Monty Python flicks?) before it became part of the 'new' KGC?
Kinross/Lupin Mine: Job Cuts Effective Immediately-KGC Monday May 12, 6:04 pm ET
TORONTO (Dow Jones)--Kinross Gold Corp. has implemented a restructuring plan for its Lupin mine in Nunavut with a goal to reducing costs and optimizing production. In a news release, the gold mining company said it cut 75 positions throughout the operation, effective Monday. Changes to mill operating schedules and shift rotations and the sale of aircraft and hangar facilities will accompany the reduction of staff, it noted.
Alt Text Kinross said it's "moving quickly to implement these changes following the mine's disappointing first quarter results."
Restructuring and optimization efforts are estimated to generate annualized savings of between $8 million and $10 million, Kinross said.
As reported, Kinross lost C$11.2 million or 5 cents a share in the first quarter ended March 31. The company also trimmed its full-year production forecast to 1.7 million ounces, from 1.75 million ounces.
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