Cape Lambert Resources Limited
(ASX:CFE) is putting a knife to costs amid a falling iron ore price and deteriorating market conditions.
The resource and investment company says it has instituted a range of cost reduction measures expected to generate savings of about $3.5 million per annum.
Among the measures 117 full time jobs will be slashed, exploration expenditure will be cut and some non-core assets will be placed on care and maintenance.
Cape Lambert Resources has also advised it will postpone its second upcoming dividend payment due to what it describes as an uncertain time in the iron ore sector.
Cape Lambert Resources reported a net loss of $25.36 million in the 2014 financial year.
