Michael O'Neill

Gold explorer Gryphon Minerals has slashed costs and retrenched most of its employees, as it seeks to preserve cash ahead of the development of its West Africa gold project.

The owners of the Karara iron ore project have transfered Gindalbie Metals boss Dale Harris to a chief executive role at Karara Mining, in an apparent bid to bring the trouble-plagued project back on track.

Gindalbie Metals is handing over leadership of Karara Mining, with the venture's major shareholder, Chinese steelmaker AnSteel, appointing a new chief executive.