The judicial management implemented measures which saw the company negotiating reduction in contract prices for production of concentrates by approximately 37 percent. Mr Saruchera said ever since he inherited the company’s operations, operational costs have significantly gone down to match the current status of the company. The working capital gap deteriorated from a positive $71,3 million to a negative of $2,9 million in 2015. He said the depressed ferrochrome prices negatively affected contributions from the company’s furnaces due to the fixed nature of costs of production.ĭue to persistent losses, the company suffered from an acute shortage of working capital. On financial performance, the company’s revenue declined by 38 percent to $120 million by the end of 2015 from $194 million recorded in 2011.
The aim is to get rid of any bottlenecks that may arise,” said Mr Saruchera. “We have made sure that some of our staff are on site to oversee the operations of the company and make sure that everything is being done in a transparent manner. Mr Saruchera said there is staff from Grant Thornton on site at the moment overseeing the operations of the company while an officer from the Environmental Management Agency is also stationed at the plant.
0 kommentar(er)
