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Cripplingly low uranium price forces Paladin to cut costs

Paladin cuts top-echelon base salaries, overall spending amid low uranium price TIMES COLONIST OCTOBER 2, 2013 PERTH, Australia – Paladin Energy Ltd (TSX:PDN) is cutting the base salaries of its board and management by 10 per cent as part of cost-saving measures due to low spot prices for uranium — its main commodity.

In total, the miner — which lists its shares on the Toronto and Australian stock markets — is aiming to reduce cash costs for its 2014 financial year by US$23 million.

diagram-Paladin-network

The cuts include a $10.8-million reduction in spending on overhead and exploration and a US$12.4-million reduction in discretionary capital spending at two mines in southern Africa….The Langer Heinrich mine in central Namibia will see its capital spending cut by US$10 million compared with the 2013 financial year while a further $2 million will be cut from the capital budget for the Kayelekera mine in Malawi. http://www.timescolonist.com/business/paladin-cuts-top-echelon-base-salaries-overall-spending-amid-low-uranium-price-1.645930

October 4, 2013 - Posted by | AUSTRALIA, business and costs

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