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(Alliance News) - Aura Energy Ltd on Wednesday said it has commenced a broad-based cost reduction programme due to difficult market conditions.
The Australian minerals company said it will reduce all head office staff hours and costs, suspend all technical staff and consultants, suspend director's payments and reduce staff costs in Mauritania and Sweden.
The majority of these cost cutting initiatives were put in place in the August and September.
Aura said it will continue to advance corporate initiatives for all its assets as a way of funding the path forward for further evaluation or development of the projects.
Aura Energy shares were down 4.6% in London at 0.31 pence each on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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