PERTH (miningweekly.com) – ASX-listed Panoramic Resources has moved to temporarily reduce corporate costs in order to preserve cash.
The company in April temporarily suspended operations at its Savannah nickel project, in Western Australia, amid the Covid-19 pandemic, which adversely impacted transportation, and the availability and cost of personnel, equipment and supplies at site.
Panoramic this week said that its nonexecutive directors had agreed to reduce their fees by 25%, while the salaries of key executives, including the total fixed remuneration of MD and CEO Victor Rajasooriar, had also been reduced by 20%, effective from May 1.
Salary reductions for other head office staff have also been implemented and working periods have been cut to nine days a fortnight.
“The difficult decision to temporarily suspend operations at Savannah has necessitated changes throughout the business in order to preserve funding and right-size the company as a non-operating entity,” said Rajasooriar.
“We have tied to act as fairly and equitably as possible towards our employees during this trying time. As a board and executive team, we are working very hard to put the business in the best position for our shareholders and a future restart of operations at Savannah.”