Despite uranium miner, Paladin Energy limited claiming that its Malawi operations in the northern district of Karonga at Kayelekera have been a cash cow and that world Uranium prices have been dwindling, the company has just awarded its CEO John Borshoff a 52 per cent rise, Nyasa Times has established.
But the Uranium miner recently rejected workers calls for a 66 per cent pay rise citing tough economic times.
However, the company backed Borshoff’s remuneration saying it is based on his expertise.
Paladin’s annual report reveals that despite Borshoff honouring a promise to cut his salary between November 2011 and November 2012 – a promise he extended to June 2013. Borshoff was able to boost his remuneration after a review of annual leave entitlements.
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John Borshof : Pay up
The review focused on annual and long-service leave in a bid to cut Paladin’s liabilities, and Borshoff responded by cashing out 220 days of leave.
The transaction netted Borshoff $1,717,000 and helped increase his remuneration to $3,464,000, from $2.26 million in 2012.
”Its total mockery to the Malawian Workers at Kayelekera who were retrenched but have not had their benefits yet. These people are suffering. That’s a wake-up call to Malawi Government that Paladin is making profits despite plunge in prices” Karonga Business Community Chairperson Wavisanga Silungwe said in a statement made available to Nyasa Times.
The Australian uranium miner recently retrenchment of 110 employees after the company reported that Kayelekera Mine output jumped 20.9 percent in the quarter ending December 2012.
“While production has gone up, the uranium price has not; hence Kayelekera continues to operate at a loss. We had warned government that this situation was unsustainable and would lead to job losses unless the uranium price improved, which it has not,” said Paladin’s (African) Ltd general manager, international affairs, Greg Walker.
Walker said the staff reduction is in” response to economic pressures on the Company caused by the continuing depressed uranium price”
Borshoff’s contract with Paladin has one year left, and provides him with three months’ long-service leave for every five years of service. He is entitled to two years of double base salary when he retires or has his employment terminated.
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