From the annual report, effective March this year, total director fees, salaries including super but excluding performance incentives totals $1.4mill.
Hardly a lifestyle company as claimed by one poster.
This list below excludes directors that resigned prior to the annual report being written but may have been included in the previous quarter report.
Base salary including super L Reed 450,000 477,399 P McKenzie 36,000 36,000 V Chitalu 36000 36000 G Robertson 36000 36000 Mr Changbo 36000 36000 B Snowball 300000 325292 S Abbott 380,000 405,292 R Newbold 37800 37800 1,389,783
To put the NED fees above of $36,000 per year into context, the average for ASX listed stocks was $82,000 per year. That's the average, not maximum.
Executive director fees immensely by size of company but "The average fixed remuneration of an ASX 200 managing director is $1.58 million"
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.fssustainability.com.au/asx-c-suite-notch-up-double-digit-salary-increases-governance-institute&ved=2ahUKEwiuhar4wKmFAxV1k1YBHesNBMYQFnoECBMQAw&usg=AOvVaw10bfhb_HwVVrDLMMTx_aYRIn 2020 McGuirk Management Consultants covered data collected from 1,546 Australian boards across Private, Listed, Unlisted, NfP and Government organisations and found that:
https://boarddirection.com.au/remuneration-of-australian-directors/
- the average listed Chair was paid $132k;
- a listed NED was paid $82k;
Total other Wages and salaries (excluding director fees), including superannuation were $3.4mill. That might increase during production but would be included in operating expenses.
In fact the DFS allowed for US$77.72mill "general and administrative" over the 20 year LOM under processing costs. That is US$3.8mill per year, or A$6mill per year allowed for in DFS. That would cover all current director fees and salaries (plus employee wages) with allowance for more staff to be employed in production. The DFS also allowed for US$20mill over LOM, i.e. another US$1mill/year or A$1.5mill for "Management, Supervision & Dewatering" in the mining costs section. Total allowed for general and admin plus mining supervision is around A$6mill which easily covers director fees and salaries.
The DFS would also allow for mining labour as part of mining costs and it also allows a further US$26mill over LOM for Labour - Processing, Laboratory, Maintenance. That's around $2mill per year. There is also Owner’s Operating Costs of US12mill LOM allowed for in the DFS that I haven't included.
I.e. all current director fees, salaries and employee wages were anticipated and accounted for in the DFS operating costs with a reasonable margin remaining to allow for significant growth from current levels.
I haven't got time to double check everything but it should be close enough. DFS LOM is 20 years.
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