Aminex says to restructure board and cut more costs

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Aminex PLC (LON:AEX) has told investors it is to restructure its board and further cut costs, as it seeks to take advantage of opportunities provided by the recently sealed farm-out deal for the Ruvuma project.

The company said it plans to reduce gross general and administrative costs by 30% this year plus by a further 25%-30% next year.

It aims to lower these costs to below £1mln per year, which would equate to a 75% reduction since 2018.

READ: Aminex set for exciting time at Ruvuma

Aminex said it will also cut boardroom headcount down to three directors, from five presently.

Robert Ambrose is stepping down as interim chief executive with immediate effect, and director Charles Santos becomes executive chairman.

“We are indebted to Robert for stepping in at short notice last April, steering the company through the farm-out process and positioning it for the future,” Santos said in a statement.

“In many respects, these current changes complete the restructuring started by Robert. Our objectives now are to capitalise on Aminex’s fully carried valuable Ruvuma asset, maintain discipline on expenditures, and with a lean and effective management team pursue our strategic initiatives,” he added.

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