Savannah Resources has implemented a long-term incentive plan (LTIP) to incentivise executive directors and senior management.
The motivation comes as the company continues to expedite its projects to tap into the growing market for energy metals.
The beneficiaries of the scheme include CEO David Archer, Dale Fergason, Michael McGarty and Paul O’Donoghue.
Awards under the LTIP are structured accordingly with the company’s respective project operations.
Savannah believes that the LTIP would help to attract talented individuals in future, as the company expedited the development of its mining projects.
Some of the performance conditions include the project in Oman to start mining by December 2018; the project in Mozambique to complete its prefeasibility study (PFS) and get its mining lease granted by March 2019; and the project in Portugal to complete its feasibility study and enter into strategic initiatives, for example, an offtake agreement, by March 2019.
Savannah chairperson Matthew King said that the purpose of the LTIP was to focus management on achieving the company’s key strategic goal of building cash generative and profitable mining operations.
“The performance conditions are intended as objective measures of our progress.”