Troy Resources Limited –an Australian mining company –has decided to terminate the services of 375 workers who were laid off for the last six weeks, as the company mulls restarting its Kairouni, Region Seven operations.
In a memo seen by the News Room, Chief Executive Officer Ken Nilsson said the Board of Directors had made a decision to terminate the services of all employees who were laid off.
“This decision was made with reluctance and will nevertheless assist employees by providing a termination payout. It is expected that Troy will go back to rehiring employees as needed for a start-up in the near future and Troy hopes most current employees will be available and willing to return to work,” the memo stated.
The company employed a total of 512 staff. Only 137 are being retained. Those persons are currently conducting exploration work, repairs to the processing plant and security duties.
Troy Resources Limited ceased operations in early October following the death of Ryan Taylor, a geologist, at its Hicks site on October 8.
Despite all clearance, it was not able to restart its operations due to financial issues, Nilsson told the media during a tour of its facilities last Thursday.
“The work to date in terms of scheduling resources and reserves as well as securing financial support has not been completed and will require more time for completion,” the company memo stated.
Nilsson said the return to profitability is paramount for the longer-term success and the lack of income over the last 6 weeks has clearly damaged the company.
He noted that the decision to lay off the workers was triggered by the 6-week deadline for it to restart operations.
The company operates under a system which allows it to only put persons on hold for six weeks.
The company said the severance pay-out is to be made no later than this Friday, November 22, 2019.
Troy Resources Limited began operating in Guyana in 2015 in Region Seven.
