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Venturex MD agrees to $100k pay cut

10th July 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – The MD of base metals hopeful Venturex Resources has agreed to a $100 000 a year salary cut as part of the ASX-listed company’s plan to reduce its costs.

From July 1, MD Michael Mulroney would earn a yearly salary of $250 000.

Short-term incentive bonuses for Mulroney and other employees had also been cancelled for the 2013 financial year, which ended on June 30.

“We have been monitoring the volatility in the financial markets and ongoing weakness in the resources sector and recognise that cost discipline is an essential component of maximising the company’s cash position. Having taken steps earlier in the year to reduce corporate overheads, the board considered it prudent to further these,” chairperson Tony Kiernan commented.

Venturex owns copper, zinc, lead, silver and gold projects in western Pilbara. It is also exploring for gold in Brazil through its CMG Mineração subsidiary.

A recently completed definitive feasibility study found that with a capital investment of some A$279-million, Venturex’s Pilbara project could produce some 16 500 t/y of copper and 30 000 t/y of zinc, along with 200 000 oz/y of silver.

The project was expected to have a life-of-mine of some eight-and-a-half years, with government approvals expected by late 2013.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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