Whoa, these mining execs are actually taking pay cuts
Junior copper explorer Alderan Resources will slash executive remuneration — effective immediately — to reduce corporate and administrative costs.
Alderan (ASX:AL8) told investors that chief exec Christopher Wanless would take a 13.7 per cent cut, from $219,000 to $189,000.
Exec director Brunop Hegner would also have his pay reduced 40 per cent, from $US216,000 to $US129,600.
These changes to executive remuneration were part of “company-wide cost reduction measures” so more cash could be funnelled into exploration at its highly prospective Frisco copper play in the US.
It’s been a rollercoaster for Alderan investors
In the last 12 months Alderan’s share price has been hammered, falling over 90 per cent from about $1.50 to 14c, despite Frisco continuing to show a lot of promise.
But it was a very different story in 2017.
The explorer listed in June that year at 20c per share, and by October, its stock had peaked at an incredible $2.40 — up 1100 per cent.
It ended the year up 830 per cent on its issue price to be one of 2017’s best performing stocks.
The company was contacted for further comment.