Mining Weekly reported that Rockwell Diamonds Inc. (TSX:RDI) plans to shut its head office in Johannesburg and start on retrenchments. The company said Thursday that it’s already issued Section 189 notices to its employees.
As quoted in the market news:
The news followed an in-depth strategic and operational review of the business to assess its strategic direction, including its commitment to processing 500 000 m3 a month from its Middle Orange River (MOR) operations, to place the business on a sustainable footing.
“It has been challenging to achieve financial viability, growth and profitability, which have directly impacted the company’s human capital requirements and sustainability.
“Accordingly a decision has been taken to restructure the workforce company-wide,” it said in a statement.
The planned restructuring would result in a simplification of operational reporting structures, with mine management directly accountable for mine operations and reporting to the CEO, who will be based full-time in the MOR.
Get Our Expert Guide to Diamond Investing FREE!
Download this FREE Special Report, Investing in Stornoway Diamonds or Other Canadian Diamond Mines – Beyond the Diamond Price Calculator.
The post Rockwell Diamonds Embarks on Company-wide Restructuring appeared first on Investing News Network.