News blog
Bezant Resources
- BY: Andrew Hore |
- POSTED: 27/05/2015 |
Gold and copper explorer Bezant Resources is reducing the salaries of the board and operational staff by 30% in order to conserve cash.
The reduction is backdated to the end of March. There had already been a 59% year-on-year reduction in operating costs in the second half of 2014. Exploration on the Eureka copper-gold project in Argentina has been scaled back. At the end of March 2015, there was £1.9m in the bank, down from £2.1m at the end of 2014.
Bezant is trying to sell the Mankayan copper-gold project in the Philippines, or bring in a partner, but uncertainties about the mining tax regime are making this difficult. A recommendation has been made to increase the mining levy to 50%.
Stemming the cash outflow will give Bezant additional time to negotiate a deal.
The Bezant share price fell 0.13p to 3p.
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