(Ecofin Agency) - GoviEx Uranium Inc, the Canadian explorer with assets in Niger, has been granted a permit to exploit the Madaouela project in the Agadez region. Permit for the 250 km- project is worth $676 million. Announced by government on Tv, this was reported by Reuters.

In spite of the good news, GoviEx announced on Tuesday that it was adopting new measures to cut 50% of its exploitation and operation costs. It also proceeded to jobs cutting.

The firm also cut into budget to conform to its cost-reduction plan. In order to help the group achieve its goal, its leadership agreed to reduce by 20% its pay and social benefits.

GoviEx senior executives however, have subscribed to a total of 2.8 million stock options. Each of these will go for $0.1125 starting from January 2017, subject to certain conditions. Expiry date for the options is on December 31, 2017.