Jan 22 (Reuters) - Grange Resources Ltd GRR.AX :
* Market update GRR.AX
* The company has accelerated its ongoing cost reduction strategy
* Says redundancies represent less than 10 per cent of grange's total workforce, and will include a number of voluntary redundancies
* This will involve an internal restructure which will result in up to 55 positions being made redundant at its operations in tasmania"
* Cost reduction program was a direct response to current iron ore price environment"
* Source text for Eikon ID:nASX7XvhSq