COVID-19 hit Panoramic cuts staff, pay

WITH its Savannah nickel mine in Western Australia’s Kimberley region mothballed as effort to prevent COVID-19 spreading to vulnerable Aboriginal communities there, its owner Panoramic Resources has laid off some head office staff and executive pays.
COVID-19 hit Panoramic cuts staff, pay COVID-19 hit Panoramic cuts staff, pay COVID-19 hit Panoramic cuts staff, pay COVID-19 hit Panoramic cuts staff, pay COVID-19 hit Panoramic cuts staff, pay

With Savannah shuttered, staff are being cut and pay is being reduced.

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Salaries for key executives, including the total fixed remuneration for managing director and CEO Victor Rajasooriar, have been cut 20%.

Panoramic's non-executive directors have agreed to reduce their fees by 25%.

Salary reductions for other head office staff have been implemented and working period has been cut to nine days per fortnight.

The company has not said how many head office staff are being cut.

Rajasooriar said the changes were considered temporary and would be reviewed by the board when it was considered appropriate.

"The difficult decision to temporarily suspend operations at Savannah has necessitated changes throughout the business in order to preserve funding and right-size the company as a non-operating entity," he said.

"We have tried to act as fairly and equitably as possible towards our employees during this trying time.

"As a board and executive team we are working very hard to put the business in the best position for our shareholders and a future restart of operations at Savannah."

Panoramic suspended operations at Savannah in mid-April due to heightened restrictions being applied in the Kimberley to protect vulnerable Aboriginal communities there.

At the time Rajasooriar said the pandemic was affecting transportation, the availability and cost of personnel, equipment and supplies and controls at site.

 

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