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AUSTRALIA'S AUSDRILL SHUTS DOWN CHILEAN OPERATIONS.
SYDNEY, June 3 Asia Pulse - Ausdrill Ltd (ASX:ASL) has announced plans to close its operations in Chile immediately.
The drilling contractor said on Friday night that it expected the closure to be both cash and profit neutral.
"The decision to withdraw from Chile, the last remaining operation in the South American region, has not been taken lightly but is considered necessary given the recent history of its trading losses and with no imminent signs of improvement in the Chilean market in the short to medium term," the company said.
A number of key pieces of equipment and related consumables and spare parts would be repatriated to Australia, where they would be fully utilised by the Kalgoorlie operations.
The rest would be sold in country, it said.
"It is forecast that overall the proceeds from the sales of equipment and consumables together with the cash resources in Chile will be sufficient to fund the closure process and be both cash and profit neutral," Ausdrill said.
The company said it ...
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