EXPLORATION & DEVELOPMENT

Grange cuts spending at Southdown

GRANGE Resources, hit by uncertain market conditions and high development costs, will slash jobs at its $A2.9 billion Southdown magnetite project in Western Australia in a move to cut capital expenditure and will be unable to wrap up financing in early 2013.

Lauren Barrett

Grange cuts spending at Southdown

The project, located 90km northeast of the port of Albany, is a joint venture in which Grange holds a 70% stake and Japan's Sojitz Corporation holds the balance. Grange, which is the project manager...

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