In spite of Augusta Resource Corporation’s failure to obtain key permits for its Rosemont copper project in the Santa Rita Mountains south of Tucson, it increased the base salaries of its employees by two percent.
Augusta’s 2013 Management Proxy Circular issued last week in advance of the company’s June 20 annual meeting in Vancouver, B.C. states that stock compensation for Augusta’s top executives was slashed 50 percent in 2012 compared to 2011.
The company cited “delays in permitting for the Corporation’s Rosemont project” as one of the reasons for the sharp reduction in stock-based compensation.
Augusta CEO Gil Clausen’s base salary increased to $347,000, up from $338,340 in 2011. But Clausen’s total stock-based compensation fell to $663,048 in 2012, down from $1.54 million in 2011.
Similar reductions in stock-based awards resulted in lower total compensation for three other of Augusta’s top officers and employees including:
- Richard Warke, Executive Chairman, $738,337 (2012), $1.33 million (2011)
- Rodney Pace, Executive VP and Chief Operating Officer, $584,000 (2012), $1.05 million (2011)
- James Sturgess, Senior Vice President, $490,461 (2012), $852, 945 (2011)
Despite the sharp reductions in 2012 compensation from 2011, Augusta’s top executives are still making about the same or more than they did in 2010.