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« FORSYS PROVIDES UPDATED MINERAL RESOURCE ESTIMATE FOR ITS NORASA URANIUM PROJECT | Main | SA nuclear decision will be made ‘this financial year’ »
Thursday
Oct032013

Uranium miner making further cuts

Uranium miner Paladin Energy is cutting more jobs and reducing executive pay and other spending in response to continued falls in the price of the nuclear energy source.

The Perth-based company, which operates two uranium mines in Africa, says it will reduce the number of head office staff in the current financial year, and cut the base salaries of managers by 10 per cent.

The announcement sent its shares higher, gaining five cents, or 10.4 per cent, to 53 cents.

Paladin already had made 14 head office staff redundant, in 2012/13, leaving 45 in administration roles.

No number has been given for the latest round of job cuts.

Executive pay was also reduced in 2012/13, with managing Director John Borshoff's remuneration of $2.5 million less than half the amount he received in the previous year.

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