Errol Smart
Photo by: Creamer Media
JOHANNESBURG (miningweekly.com) – A revised interim remuneration structure had been agreed with all directors and executives of Orion Minerals, the Sydney- and Johannesburg-listed company said on Wednesday.
Included would be the reduced remuneration of MD and CEO Errol Smart, effective from May 1.
The revised remuneration structure was part of the implementation of Covid-19 cost savings and asset preservation initiatives across the business, Orion said in a release to Mining Weekly.
Employee and contractor numbers had been reduced significantly and revised short- and medium-term work programmes had been refocussed on the development of the Prieska copper and zinc project in the Northern Cape, with exploration work suspended.
“All members of the team have agreed to a reduction in their remuneration to enable the company to retain the team and maximise the funds available to progress the development of the Prieska project,” Orion chairperson Denis Waddell stated.
Since the completion of the Prieska project’s bankable feasibility study in June last year, Orion had been progressing optimisation studies and preparations for mine construction and the outcomes of these studies were being incorporated into updated operating plans.
Completion of all technical and engineering work in early May 2020 would enable the expected positive impact of these studies to be released mid-May.