ZYL retrenches majority of SA employees
JOHANNESBURG (miningweekly.com) – ASX-listed coal developer ZYL has, following a review of its administrative structure in South Africa, decided to “significantly reduce” its corporate overheads in the country and has retrenched the majority of its South African employees.
It had undertaken the review of its South African operations owing to the current state of the commodity and capital markets, as well as considering the work that would be required to secure the necessary permitting to allow for the development of its Kangwane projects.
Last month, ZYL announced that it had decided not to continue with the acquisition of the Mbila anthracite project, in KwaZulu-Natal, following a review of its assets to rule out ones that were marginal, high risk or which required considerable additional exploration.
In line with the South African restructuring, ZYL commercial director Phillipe Lalieu has resigned. He will step down as executive director of the ZYL board to become a nonexecutive director.
ZYL South Africa COO Jan Britz will oversee the day-to-day activities of the company in the country.
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