The company said its CEO had taken the decision with immediate effect from 1 April to assist in further reducing its capital requirements in light of current financial market conditions due to the coronavirus pandemic.
READ: Pembridge Resources brings new cash into Minto mine, reducing its economic interest and future liabilities
“These are difficult times for many people, for the Minto mine and for Pembridge. I took over the role of CEO and Chairman of the board in September 2019 and accepted the exact same remuneration terms as those of my predecessor. Since that time I have invested approximately £4mln of my own funds into Pembridge to help advance its objectives.
“Today, when reviewing costs, I also had to consider my own remuneration and feel the action that I have taken was right under the current circumstances. I assure all our shareholders that this does not reduce in any way my commitment to the company”, Al-Jebouri said.
Shares in Pembridge were 3.6% lower at 3.4p in lunchtime trading on Tuesday.