The company revealed Monday it had taken measures to reduce annual overhead costs over the past three months from about A$2.7 million (US$2 million) to roughly A$800,000, with the savings to be effective from 1 January next year.
In order to bring down costs it has cut staff in both Australia and Papua New Guinea, relocated its Port Moresby office in PNG to cheaper premises and closed down its offices in Sydney and Brisbane, Australia.
PGE said it had also terminated a range of services and suppliers that were not being fully utilised and cut back on travel, accommodation and communication expenses.
The company's directors have also taken a pay cut, with PGE reducing the chairman's pay from A$360,000 per annum, plus superannuation,...
