[miningmx.com] – SYLVANIA Platinum executives took the unusual step of forgoing a third of their pay for the remainder of the company’s financial year, said Reuters citing a company announcement.
Sylvania, which retreats chrome tailings left after the mining of platinum group metals (PGMs) at five operations through the Bushveld Complex, said recent strike action had a negative affect on production.
As a result some of its top executives, including the company’s CEO, Terry McConnachie, would sacrifice a third of his basic remuneration from January to June 2013.
The company had said in early October that it suspended operations due to an on-going strike at neighbouring mines, Reuters said.
It resumed operations at its Mooinooi and Millsell plants in the Bushveld Igneous Complex in South Africa, later in the month, the newswire added.
Sylvania Platinum 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, Reuters said.
