Antinuclear

Paladin (PDN) said today it had materially lowered its break-even level for the 2016 financial year, on a cashflow basis, off the back of capital expenditure reductions, and cutting of corporate and debt costs….

Previous to this, the salary of the managing director had been reduced by 35 per cent and board fees cut by 10 per cent.

…Mr Borshoff also gave himself a 20 per cent pay cut as part of the restructure, along with a 10 per cent salary cut for management and staff and further 20 per cent reduction in fees payable to Paladin’s chairman and non-executive directors……..

Uranium is currently being traded at $US36 a pound, The market has been soft for some time, with the uranium spot price hovering around or under $US40 for the last two years, well below its peak of $US130 a pound in 2007.

Paladin shares have also taken a pounding since the commodity’s peak, falling from $10.44 in 2007 to their current level at 22.5c……..

Earlier this year, Paladin posted a loss of $US176.1m in the nine months to March 31, compared with a $US286.1m loss in the previous corresponding period. ….