News

Rio Tinto freeze salaries globally from the CEO down

RIO Tinto have made the cost-saving move to freeze salaries globally…from the CEO down.

The multinational metals and mining corporation will also reduce travel expenditure across the board, and scrutinise contractor and consultancy spending.

As reported by Australian Mining, the decisions were revealed in an internal email written by CEO Sam Walsh.

"Late last year we saw market prices continue to rapidly fall. What we see ahead is very sobering," he said.

"While our travel costs have come down, they are still too high and we need to make better use of the technology that enables us to interact with each other remotely.

"I have asked ExCo (Executive Council) members to reduce their travel commitments for 2016, and I have cancelled numerous trips from my own calendar. Everyone needs to do the same."

Mr Walsh said he anticipated 2016 to be a tough year with prices for commodities "now around 2005 levels or lower", and some "down as much as 80% from their highs and nearing long-term historic averages".

He said the situation was "not temporary," and attributed much of the pressures to slow economic growth in China with its transition from infrastructure to consumer spending, in addition to the economic crisis of 2009.

Topics:  mining, money, rio tinto, salary




REVEALED: Rocky's worst suburbs for car theft

Thieves are targeting unlocked vehicles as easy opportunity crime in Rockhampton.Photo Sharyn O'Neill / The Morning Bulletin

47 vehicles stolen in last three months

Fatal backpacker stabbing: Cries of 'Allahu Akbar'

French tourist and dog killed, local resident hurt

Ambulance, police called to sudden death at Rocky prison

Emergency Services, Ambulance, QAS,  Photo Bev Lacey / The Chronicle

UPDATE, 1pm: CIB investigating sudden death of prisoner

Latest deals and offers

Marvel-ous: Thor actors visit sick kids at Lady Cilento

Stars of Thor: Ragnarok dropped in on patients at the hospital

Folk singer looking forward to her Gympie Muster debut

Alternative country folk singer Fanny Lumsden will perform at the Gympie Muster.

FANNY Lumsden to serenade new fans with her country hall-style show.

Patti Smith confirmed for Bluesfest 2017

CONFIRMED: US singer Patti Smith performing in Switzerland last year.

Find out who else in the first line up announcement

Angie and Yvie ready to toast The Bachelor on Gogglebox

Angie and Yvie in a scene from the TV series Gogglebox.

ALL the regulars return in TV show about people watching TV.

Morgan Freeman asks: are we alone? Why do humans exist?

Morgan Freeman in Through the Wormhole. Photo: Discovery Science

Question all you thought you knew, on Foxtel.

Five new things to see and do at this year's Muster

There's already plenty of fun to be had at the XXXX bar.

Here are five new things to see and do at this year's Gympie Muster

Cheap Fraser Coast island drops its price

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia

How a family home can fit on a 250sq m block

This is what you can build on 250m2.

Here's the floor plan of a home built on 250sq m

$100m plan for Curtis Island 'world class' luxury resort

$100 million resort: Top views at Turtle Street at Curtis Island.

"At the moment we think it meets all the town planning approvals.”

Coast building approvals at seven-year high: report

The the 2015/16 Development Indicators Annual Highlights Report documents local development activity that took place during the last financial year.

New report shows increasing development on the Sunshine Coast

Top honours for Mackay and Whitsunday builders

The Kerrisdale Gardens property from Paynter Dixon Queensland which won them Project of the Year.

Mackay and Whitsunday builders awarded top honours last night.

Investors eye Gladstone's $4m island with resort approval

UP FOR SALE: Turtle Island is on the market.

CHINESE and Sydney investors flag interest in Gladstone island.