Diversified miner Straits Resources has put its Mt Muro operation in Indonesia on care and maintenance and is seeking to sell the mine as soon as possible.
Straits Resources managing director Andre Labuschagne has assumed the role of interim executive chairman, following the resignation of non-executive chairman Adrian Redlich.
Straits Resources is on the lookout for a new chairman, following the resignation of incumbent Adrian Redlich less than six months after taking the job.
Straits Resources has announced a plan to separate its gold and copper assets into two ASX-listed entities, while also downgrading its production forecasts.
One week after being ordered to halt its gold mining activities in Indonesia, Straits Resources has restarted part of its Mt Muro mine as talks continue over a disputed boundary lines.
Shares in Straits Resources have dropped after it suspended mining activities at its Indonesian operation in response to an order from the local government.
Straits Resources has bolstered its management team, appointing former Norton Gold Fields executives Andre Labuschagne and Robert Brainsbury as chief executive and chief financial officer.
GOLD miner Norton Gold Fields is aiming to reduce costs at its Paddington operations near Kalgoorlie during the second half of the 2012 financial year to better compete with its low-cash peers.
Norton Gold Fields says it has reduced its debt to $51 million, after making a voluntary $15 million payment against its finance facility with Merrill Lynch.
Norton Gold Fields has completed the sale of its Sienna and Electra coal projects in Queensland to coal magnate Nathan Tinkler's Boardwalk Resources subsidiary, Boardwalk Sienna.
