Endeavour Silver cuts jobs, costs as it braces for lower metal prices

April 29 Mon Apr 29, 2013 8:05am EDT

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April 29 (Reuters) - Endeavour Silver Corp said it is cutting jobs and reducing operating costs as it expects metal prices to fall during the year.

The company, however, did not say how many workers are being laid off.

Endeavour, which owns three producing silver mines in Mexico, said it is deferring 20 percent of its planned capital investments as non-essential in 2013.

None of the cost reductions are expected to change its mine plan or silver production forecast for the year, Endeavour Silver said.

The company said it is scaling back general and administrative costs with the directors and the management deferring 10 percent of their cash compensation.

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