July 29 (Reuters) - Paladin Energy Ltd PDN.AX :
* Progress update material reduction in costs in FY 2016 PDN.AX
* Advise of a material reduction in its forecast FY 2016 cash flow break-even level through a sustainable reduction in its forward all-in cash costs
* These measures (outlined below) will reduce paladin's total cash costs by more than US$33M (compared to FY 2015).
* Says Paladin still firmly believes the uranium market is near an inflection point, after which materially higher prices are expected
* Says Paladin expects, as a minimum, to be cash flow neutral by the end of calendar year 2015
* Says "35% cut in corporate costs to US$9.7M and exploration rationalised for FY 2016 "
* Board will further reduce fees payable to the non-executive chairman and non-executive directors by 20%
* Managing director has offered, and the board has accepted, a further 20% salary reduction.
* Says as part of the 35% reduction in corporate costs, paladin's management and staff will take a 10% salary cut
* Source text for Eikon ID:nASXbMBCPb
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