Grange reveals rock slide at mine

Company News

Grange Resources Limited (ASX:GRR) has revealed a rock slide occurred at its Savage River iron ore mine in Tasmania from last Wednesday to Friday.

Making the announcement after the market closed on Friday the magnetite producer said at this stage the slip is not expected to have a material adverse effect on the operation.

Grange expects to maintain production at planned levels and to maintain its annual production target.

The miner says the Savage River structure is such that slips will occur from time to time and that Workplace Standards Tasmania has approved the site’s continuation.

News of the rock slide came on the same day Grange announced the resignation of current CEO, Russell Clark, to be replaced by Richard Mehan.

Shares in Grange Resources dropped 3.15 per cent on Friday to end the week at $0.455.

In the 2012 financial year Grange Resources posted a net profit of $217 million.

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