Orion Minerals revises Smart’s remuneration structure
A revised remuneration structure has been agreed to with base metals developer Orion Minerals’ MD and CEO Errol Smart.
In April, the cash component of his package was reduced from $300 000/y to $257 600/y, as part of the dual-listed miner’s implementation of cost savings and asset preservation initiatives across its business owing to the impact of Covid-19.
Following the successful capital raising last month and the positive progress made on the miner’s Prieska copper/zinc project, in South Africa, including the grant of the water-use licence and the grant of the full mining right, Orion’s board has approved the reinstatement, effective September 1, of the executives’ remuneration and director fees from the reduced amounts announced in April.
Therefore, the board has approved an increase in Smart’s cash remuneration from $300 000/y to $322 000/y.
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