LONDON, UK: Bluejay Mining plc, a leading exploration and development company with projects in Greenland and Finland, has announced a series of strategic measures to improve its financial and operational performance.
The company has reduced its workforce by 80%, lowered its director costs by 70%, and achieved other cost synergies, resulting in an annual saving of £1.3 million. It has also raised £1.2 million in a recent funding round, which will support its fieldwork, project divestment and general corporate purposes.
In addition, Bluejay has appointed Olga Solovieva as its Senior Geologist, adding to its expertise and diversity. Solovieva will oversee the company’s critical work programmes at the Disko Nuussuaq project in Greenland, where it has a joint venture with KoBold Metals, a US-based company backed by Bill Gates and Jeff Bezos.
Eric Sondergaard, Managing Director of Bluejay Mining, commented: “These strategic initiatives underscore our commitment to bolstering financial sustainability, achieving operational excellence, and maintaining a sharp strategic focus. The success of our recent funding round, along with the rapid implementation of our cost reduction measures, positions us well for sustained success. As we progress, our primary aim is to deliver on our critical work programmes, creating substantial and enduring value for our shareholders.”