What is the story about?
What's Happening?
Larvotto Resources is intensifying its recruitment efforts to maintain a low staff turnover rate as it approaches the start-up phase of its Hillgrove Antimony-Gold Project in New South Wales. Managing Director Ron Heeks emphasizes the importance of building a stable team, noting that personnel issues are a significant risk for new operations. The company is implementing a retention and reward program, offering performance shares to incentivize employees to relocate to Armidale and remain with the company. Larvotto aims to reduce workforce turnover, which is typically around 30% in the industry, by fostering a committed and aligned team.
Why It's Important?
The focus on staff retention is crucial for Larvotto as it prepares to bring the Hillgrove Project into production. High turnover rates can lead to increased costs and operational disruptions, impacting the company's ability to meet production targets. By investing in its workforce, Larvotto aims to ensure a smooth transition into production, which is vital for maintaining investor confidence and achieving long-term success. The company's approach highlights the broader industry challenge of retaining skilled labor in remote locations, which can affect project timelines and financial outcomes.
What's Next?
Larvotto is actively recruiting for senior management positions and plans to continue building its team from the top down. The company will monitor the effectiveness of its retention strategies and make adjustments as needed to achieve its goal of reducing turnover. Investors and industry observers will be watching Larvotto's progress closely, as successful staff retention could enhance the company's market value and operational efficiency.
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