Red Mountain cuts back Batangas spend

Gold developer Red Mountain Mining has cut staff and tenements from its Batangas gold project, in the Philippines, as the hunt for a strategic financing partner heats up. The ASX-listed junior said on Monday that it had reduced staff numbers at the Batangas project by about 25% and have relinquished or reduced exploration permits at its tenement base, which were not deemed prospective, or which were not required for the development of the Batangas project.