Mine to axe half its workforce

TUNGSTEN WEST TO MAKE ‘SAVAGE CUTS’

- WILLIAM TELFORD

THE company which wants to reopen Plymouth’s tungsten mine is to axe nearly half its workforce as it carries out a savage cost-cutting programme. Tungsten West Plc has not put a number on the job losses but it employed 58 people in 2022 and is now looking to shed 42% of its workers.

The company also wants to slash its wage bill by 42%. In 2022 its payroll total was nearly £2.5m including pension contributions.

Just under a year ago Max Denning has left as chief executive of Tungsten West, the company he cofounded, and executive vice-chairman Mark Thompson took over. He has quit now too and directors Robert Ashley, Grace Stevens and Francis Johnstone have all gone in the past six months.