17th Mar 2020 15:59
(Alliance News) -Â Harvest Minerals Ltd on Tuesday said it has identified and implemented annual cost savings of USD400,000.
All savings have been made from 'general and administration' categories in order to improve financial performance at the Arapua project in Brazil, and further savings are expected to be made during the year.
"Harvest has experienced rapid growth in its development from an explorer to a fully permitted producer. To accommodate this growth, it was necessary to apply adequate resources, however, some of these costs are not recurring and by refining our methods we have been able to eliminate these costs," said Chair Brian McMaster.
"We are therefore delighted to be able to implement substantial permanent annual savings of USD400,000, which reduces our break-even point considerably and look forward to updating shareholders if any further material savings occur," McMaster said.
Shares in Harvest were down 3.7% at 2.50 pence in London on Tuesday.
By Lucy Heming;Â [email protected]
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