Sylvania Platinum execs to take pay cut
South Africa-focussed miner Sylvania Platinum Ltd said some top executives, including its chief executive, would give up a third of their pay for the remainder of the year as the company cuts costs to offset production lost as a result of recent strikes.
South Africa's platinum industry was hit by violent strikes earlier this year, spawned by income disparities and a union turf war for members.
The company had said in early October that it suspended operations due to an on-going strike at neighbouring mines. It resumed operations at its Mooinooi and Millsell plants in the Bushveld Igneous Complex in South Africa, later in the month.
Sylvania Platinum said production had recovered in November following the resumption of operations.
It also said it expects full-year production of more than 50,000 ounces. In October, the company had forecast production of about 53,500 ounces.
Sylvania produced 45,735 ounces of platinum group metals in the year ended June 30, 2012.
The company said its CEO and deputy CEO will sacrifice a third of their basic remuneration from January to June 2013.
The Perth, Australia office would remain closed and the executive director in Perth would give up half his salary, the platinum producer said.
Shares in the company closed at 9.625 pence on the London Stock Exchange on Tuesday. - Reuters