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Sirius Minerals cuts 300 jobs at Woodsmith to lower costs

Sirius Minerals PLC fired about 300 of the 1,200 workers at its Woodsmith potash project in the U.K. to cut costs, The Times of London reported, citing an interview with CEO Chris Fraser.

Fraser said the company is looking to expedite its strategic review and complete an initial review by the end of October.

Sirius had said it was planning a six-month review to reduce construction activities and optimize the development plan for Woodsmith to secure more time to develop an alternative financing structure.

The company decided to undertake the review mid-September after it terminated its proposed US$500 million senior secured notes offering due to poor ongoing bond market conditions.

Sirius is looking to reduce costs further by abandoning plans for a third tunneling machine using the same conveyor belt for multiple operations.

"I'm hopeful that by the end of October we're in a position where the strategic review will have reached a series of outcomes that we can then start talking about," Fraser was quoted as saying.