Northern Minerals
(ASX:NTU) is cutting costs as starts developing its Brown Range rare earth project in WA.
Redundancies will take place at both head office and Browns Range ahead of the northern wet season which will have an impact the onsite work.
Funding is also undergoing a shake up with China-owned Jien Mining to shift its $17 million investment from debt to equity upon confirmation of Chinese regulatory approval.
The CEO will take a fifty per cent salary cut as will directors while all employee positions will take a 20 per cent cut. Employees will also stand down until the Jien transaction has gone through.
Northern Minerals reported a net loss of $15.64 million for the 2015 financial year.
