Atlas Iron cuts board member pay by 15%

Atlas Iron is cutting its bosses pay by 15 per cent as two members of the board step down.

The iron ore miner announced that non-executive director Geoff Simpson and executive director Mark Hancock both offered to step down.

Hancock will remain an executive with Atlas as the chief commercial officer.

Kerry Sanderson left the Atlas board in September, reducing the number of board members from nine to six.

The remaining members have offered to reduce their remuneration by 15 per cent as of December.

Atlas said its cost reduction program targeted $65-$90 million in annualised savings by June 2015.

In October, Atlas revealed its all-in cash costs had come down from $75 per wet metric tonne (wmt) to $68.90 wmt.

Recent price drops in iron ore could mean the miner is operating at unprofitable levels.

In September 40 to 70 permanent jobs were cut from the company. 

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