Shares of Image Resources (ASX:IMA) have fallen as much as 13.1% to a price of A$0.073, marking their lowest level since October 2, 2017.

The downfall is set to be the worst day for the company’s stock since July 29, 2022, if the losses persist.

The plunge comes after the diversified miner initiated layoffs due to ongoing delays in obtaining environmental approvals for a mining project onshore in Western Australia.

The company has alerted more than half of the project’s on-field workforce that their jobs would be redundant, effective from September 30.

After these layoffs, Image Resources has stated that the project will transition to care and maintenance mode.

Approximately 760,851 shares exchanged hands, 3.9 times the 30-day average volume of 195,656 shares.

As of the most recent closing, the stock is down by 37.8% this year.

Image Resources is a diversified mining company with operations located in Western Australia.