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Mimosa Mine axes 33 managers amid metal price slump

Zvishavane — Mimosa Mine has announced a series of cost-cutting measures in response to the sustained downturn in metal prices, which have plummeted by up to 35% since April 2023.

The company cited significant impacts on cash flow and profitability, with expectations that the depressed prices will persist in the medium term.

To adapt to the challenging economic climate, Mimosa Mine has implemented capital expenditure curtailment, cost reduction, and cash conservation initiatives. The firm has also conducted a staffing review to align with the current market conditions, leading to a rationalization exercise affecting 33 managerial and supervisory employees.

Of those impacted, 24 employees accepted a voluntary separation package, while nine chose early retirement. The company has assured that no further cuts to the permanent staff are anticipated at this moment.

Mimosa Mine emphasizes the value of its workforce, stating that employees are integral to the company’s identity and success. In efforts to sustain morale and productivity, the company has actively involved its employees in the restructuring processes to ensure continued achievement of production goals.