Mon, Jul 28, 2014, 4:35 AM EDT - U.S. Markets open in 4 hrs 55 mins

Recent

% | $
Click the to save as a favorite.

Silver Wheaton Corp. Message Board

  • sharpie3444 sharpie3444 Jul 18, 2013 9:46 AM Flag

    Mine slowdown

    Galena silver mine cutting workforce by a third

    The Galena Mine will cut its workforce by about a third in response to plunging silver prices and high production costs, officials said Tuesday.

    Layoff notices are being sent to 126 of the underground silver mine’s 351 workers. Affected employees will be given a 60-day notice in compliance with federal law and the mine’s collective bargaining agreement, said Janice Mandel, a spokeswoman for U.S. Silver and Gold Inc., the mine’s owner.

    In addition to the layoffs, Blasutti and the company’s board of directors will take a voluntary 20 percent pay cut and the executive management team has agreed to a 10 percent cut, according to the release. The pay cuts take effect Aug. 1st.

    Producing an ounce of silver from the mine costs about $16, so skidding prices for the metal took a toll on U.S. Silver and Gold’s profitability, according to a company news release.

 
SLW
26.71+0.69(+2.65%)Jul 25 4:02 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.
Puma Biotechnology, Inc.
NYSEFri, Jul 25, 2014 4:01 PM EDT
Sohu.com Inc.
NasdaqGSFri, Jul 25, 2014 3:59 PM EDT