Copper, gold and nickel explorer Thundelarra has unveiled a raft of new cost savings measures, including staff cutbacks and executive pay cuts, as it seeks to reduce overheads.
The Perth-based explorer said today that its second round of redundancies, which followed its first round of job cuts in June last year, would cut its staff numbers to five full-time, plus two field assistants and two non-executive board members.
Chief executive Tony Lofthouse will take a 44 per cent pay cut to $150,000 per year, while chief financial officer Frank DeMarte will see his pay slashed by 37 per cent, also to $150,000 per year.
Chairman Phillip Crabb has also agreed to not take any director’s fees , while non-executive director Malcolm Randall said he had agreed to reduce his fees to $21,000 per year.
The company said the cost savings measures would deliver total savings of around $1.5 million.
“Thundelarra’s executive is firm in its belief in the potential of the company’s exploration project targets and is determined to take whatever steps are necessary to allow the company to deliver on its exploration promise,” the company said in a statement.
At close of trade today, Thundelarra shares were steady at 4 cents.
