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Australia's mining magnate Gina Rinehart considers to cut employee's pay

Xinhua, June 25, 2015 Adjust font size:

Mining magnate and Australia's richest person Gina Rinehart wants her employees to take a pay cut as the mining boom winds down.

She will ask employees at her Roy Hill iron ore project in Western Australia to consider accepting pay cuts.

Company CEO Barry Fitzgerald said that would reduce the potential for future redundancies.

"We felt it was more important for our people to retain their jobs rather than pursue workforce reductions as a cost-saving strategy in response to market conditions," Fitzgerald said on Thursday, local media reported.

Ironically the price of iron ore jumped overnight as buying pressure returned after an extended two week slump.

At the end of overnight trade, iron ore rebounded to 61.70 U.S. dollars a tonne, up 2 percent on its prior close of 60.50 U.S. dollars a tonne.

Meanwhile, Rinehart is in India promoting her new book and on Thursday called on Australian authorities to cut red tape, saying it can lead to corruption.

"Australian politicians are genuinely surprised when I ask them how many approvals, permits and licenses were required by government to get to construction," she said.

"They guess around 100 or so, but Roy Hill has faced more than 4,000 government approvals, permits, and licenses, and that doesn' t count many, many more for construction.

"Layers of red tape just keep pushing up costs in Australia and frankly Australia can't afford this." Endi