Leaner CIC Energy fights cash drain

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CIC Energy, the Canadian developer of the Mmamabula Energy Complex, shed nearly a third of its workforce last year as part of efforts to conserve its fast dwindling cash reserves.

According to available documents, CIC Energy had 39 employees as at November 2010, with the figure declining to 27 by November 2011, enabling it to slash operational expenses.

In the three months ended November 2011, CIC Energy spent 1.21 million Canadian Dollars (P8.47 million) on personnel, office and general expenses, down from 2.67 million Canadian Dollars for the corresponding period in 2011.

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