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Troy Resources Ltd Cuts Costs In Decisive Response To Price Volatility


Wednesday, 26 Jun 2013 10:22pm EDT 

Troy Resources Ltd announced a range of initiatives to reduce costs and optimise its business in the face of increasing volatility in gold and silver prices. Key changes and initiatives include: Cuts to Directors and Senior Management Remuneration - The CEO’s base salary for fiscal 2014 will be reduced by 25% compared to fiscal 2013; Senior Executive base salaries for fiscal 2014 will be reduced by 10% compared to fiscal 2013; Directors fees to be reduced by 10%; and Any short or long term bonuses or incentives will be paid in equity rather than cash; Reduction in Casposo exploration budget from $15 million in fiscal 2013 to $5 million in fiscal 2014; Headcount reductions in the Troy head office, South American exploration teams and at the Casposo and Andorinhas mine sites; Conversion from contractor to owner miner in the Casposo underground; and Ongoing focus on cost reductions and business optimisation. 

Company Quote

0.455
0.065 +16.67%
29 Dec 2014