By placing our focus on enhancing the operational efficiency, we are shaping our business for a profitable and sustainable future, so as to benefit all our stakeholders. We are looking at achieving US$180 million in cumulative revenue, cost savings and productivity improvements over the next four years, through 2023.
The Group has in recent years faced short and medium-term price pressures, challenging operational conditions and increasing costs related primarily to deeper mining and longer haul distances. These factors have impacted margins and cash flow. In response, management has embarked on streamlining the business with continued cost control focus as well as leveraging on new business models to enhance growth as well as profit margins.
Our Business Transformation Plan, which was instituted in 2019, seeks to achieve cumulative cash cost savings and productivity improvements of approximately US$180 million over the next four years (net of implementation costs and fees).