Vancouver's Imperial Metals Corp. (TSX:III) is laying off 12% of its staff at its Mount Polly mine as part of its plans to reduce costs in the face of lower prevailing metals prices.
Forty-nine of the mine's 397 employees will be laid off effective February 5, 2009. Despite the layoffs, the company plans to continue operations and exploration at the site.
The company has hedged 13.7 million pounds of Mount Polly copper over the next eight months at US$3.03 per pound, which will reduce the impact on cash flow from the decline in copper prices.
Imperial Metal's share price range during the past week: between $1 and $1.41; 52-week high: $15.08; 52-week low: $0.93.