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Australian Magnesium Corp Sacks 100 Workers

May 6 2003

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With construction costs spiralling upwards for its Stanwell (Queensland, Australia) project, Australian Magnesium Corp (AMC) will reduce the project workforce from 700 to 600 persons.

AMC are presently unable to agree on a final cost for the plants’ construction with major contractor Leighton Holdings. At this stage the estimated construction cost of AUD$1.4billion is expected to blow out from anywhere between AUD$150-200 million.

As a result, AMC are also looking at a revised contracting agreement with contractors Leightons and Fluor. This could see them forming a joint venture to manage the construction project.

For more information on magnesium, click here.

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