Shares in Paladin Energy Limited (ASX:PDN)
rose almost 10 per cent yesterday after cutting its business costs to reduce total cash costs by more than $US33 million.
As part of the 35 per cent reduction in corporate costs the miner’s management and staff will take a 10 per cent salary cut and Managing Director John Borshoff will take a 20 per cent cut.
Prior to the announcement the salary of the Managing Director had been reduced by 35 per cent and board fees reduced by 10 per cent.
Paladin Energy says it still firmly believes the uranium market is near an inflection point, after which materially higher prices are expected.
Paladin Energy reported a net loss of $413.5 million in the 2014 financial year.