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Cockatoo cuts staff to save costs

20th May 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior coal miner Cockatoo Coal has announced "significant redundancies", including that of its CFO, COO and company secretary, in order to reduce overheads.

The ASX-listed company said that redundancies were implemented at the company’s head office in Brisbane and at the Baralaba mine site, in Queensland.

The latest redundancies followed a board restructuring during the March quarter of this year, as well as the position of MD being made redundant. Peter Kane was appointed as CEO during this time.

The redundancies formed part of an organisational restructuring, and were not expected to adversely affect the management of the company, Cockatoo told shareholders.

Kane was expected to lead the expansion of the Baralaba project, which would increase production from one-million tonnes a year to 3.5-million tonnes a year.

Cockatoo recently raised A$125-million through an accelerated renounceable entitlement offer to fund the Baralaba expansion project.

Edited by Creamer Media Reporter

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