Arrow Minerals Ltd (ASX:AMD) has updated its response to the COVID-19 virus pandemic and is taking all measures necessary to deal with the pandemic in Australia and Burkina Faso as well as its effect on Arrow’s employees, shareholders and the communities in which it operates.
All Arrow’s directors, including the managing director, will forego salaries, fees and benefits until further notice with Australian and Burkina Faso employees also taking voluntary reductions in salary.
Arrow chairman Frazer Tabeart said: “We must ensure that we emerge from the crisis as a strong company ready to hit the ground running.
“We have taken great pains and made collective personal sacrifices to ensure that when we can safely recommence our field exploration operations we will have a solid cash position, all tenements will be in good standing, our technical staff will be ready to go, and over $300,000 of pre-paid drilling will be available to expand the Dassa gold discovery.”
All non-essential and discretionary expenditures have also ceased.
The company’s interests include the Divole Gold Project in Burkina Faso, West Africa, and 1,200 square kilometres of exploration licences at the Strickland Gold Project in the Eastern Goldfields, Western Australia.
Government measures in both jurisdictions have restricted travel, with Arrow requiring staff to work from home, implementing rules to avoid close human contact and cancelling all non-essential travel.
Access to remote Aboriginal communities has also been restricted in response to the outbreak, and intrastate travel in Western Australia will be heavily restricted from April 1, 2020.
Tabeart said: “The COVID-19 pandemic is affecting us all globally.
“Arrow is first and foremost looking after its employees and the communities in which we work.”
These travel restrictions make fieldwork in both Burkina Faso and Western Australia untenable in the short term, until it can be done safely and in compliance with international and local regulations and protocols.
Arrow advises that Morgan Ball has tendered his resignation as a non-executive director of the company to focus on other business commitments.
Tabeart said: “I would like to thank Morgan for his contributions as a non-executive director, a role in which he has served since the inception of the new Arrow Minerals last year.
“We all wish Morgan every success going forward.”
The resignation will take effect on March 31, 2020.