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- Mineral exploration company Lithium Consolidated (Li3) has suspended fieldwork due to the coronavirus (COVID-19)
- The announcement comes after the global implementation of travel restrictions
- Instead, the company will be focusing on technical and data work such as legacy data, processing data, drill targets and project studies
- Lithium Consolidated has implemented cost-saving measures, which includes a 25 per cent reduction to the Board and executive remuneration
- Lithium Consolidated remains in the grey on the market today, trading at 1.5¢ per share
Mineral exploration company Lithium Consolidated (Li3) has updated the market on its response to the COVID-19 pandemic.
The company says travel restrictions have had a material affect on planned fieldwork schedules and therefore has temporarily paused field activities.
Instead, it will be focusing on technical and data work such as legacy data, processing data collected during the first quarter of 2020, drill targets and project studies.
People
In line with the recommendations by the Government and health authorities, the company has limited physical interactions and stopped non-essential travel.
The current conditions have so far caused minimal impact to Lithium Consolidated. In addition, the company has encouraged its staff to undertake ongoing professional development and training.
Corporate
Lithium Consolidated has implemented cost-saving measures, which includes a reduction to the Board and executive remuneration by 25 per cent. The company will also be conducting a detailed budget review.
The mineral explorer has projects in Zimbabwe, Mozambique and Western Australia.
Last week, the company appointed Don Smith as its new Managing Director and CEO.
“Lithium Consolidated remains vigilant in monitoring the COVID-19 crisis and is prepared to act swiftly should further measures be necessary,” the company told the market.
Lithium Consolidated remains in the grey on the market today, trading at 1.5¢ per share at 10:09 am AEST.
