Antinuclear

Uranium company cuts back its NT and Queensland operations as uranium price plummets

Deep Yellow slashes jobs, cuts pay, Minng.com, 5 July, 2013 Vicky Validakis Uranium exploration company Deep Yellow has cut jobs and reduced salaries by five per cent as it ramps up steps to reduce overhead costs, blaming the move on the weakness in the uranium sector.

The company announced board fees and executive salaries would be reduced by five per cent for at least six months, with salary scales to remain fixed at 2013 rates.

The company also said its Perth office had reduced staff to just three, comprising the managing director, financial controller and office manager.

Deep Yellow is said it is also planning to move to a smaller office by the end of the year.

The latest pay cuts follow a ten per cent reduction in base salary and fees and group-wide salary freezes in July 2012…… Deep Yellow’s chairman Mervyn Greene said the steps to reduce overheads costs was due to ongoing volatility in financial markets and a weakness in the uranium market…… In Australia the company owns the Napperby Uranium project in the Northern Territory as well as exploration tenements in Queensland. http://www.miningaustralia.com.au/news/deep-yellow-slashes-jobs-cuts-pay

July 6, 2013 - Posted by Christina Macpherson | business, employment, Northern Territory, Queensland, uranium