Mkango Resources Ltd - Vancouver-based mineral explorer and developer with exploration portfolio in Malawi - Reduces executive management salaries by between 25% and 50% each from April through to September this year. Says this is part of its cost-cutting initiatives and complementary to its GBP750,000 private placement announced on April 11. Explains that cutting executive pay "conserves additional working capital to advance the company's assets". Board has also "implemented a bonus scheme in the form of shares to incentivise the executive management team". Mkango notes that non-executive directors, including Non-Executive Chair Derek Linfield, have been foregoing remuneration since January 1.
Chief Executive William Dawes says: "With development of the recycling operations gathering momentum globally...Mkango's executive management team are happy to be incentivized for a significant portion of our compensation. We firmly believe in the long-term robust economics and growth potential offered through our investment in HyProMag and the complementary recycling routes being developed by Mkango Rare Earths UK."
Current stock price: 7.05 pence, up 1.4% in London on Friday
12-month change: down 31%
By Emma Curzon, Alliance News reporter
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Mkango Res (MKA)