08 AUGUST 2011alu
Rio Says Rising Labor Costs, Australian Dollar Put Pressure on Expansion
Edited by : AL CIRCLE
1 min read
Rio Tinto Group said rising labor costs and the Australian dollar are hurting earnings and put pressure on expansion plans by the world’s second-largest mining company.
“This is a challenge we’re going to face, not just this year, but in the coming years,” Chief Executive Officer Tom Albanese said in an interview on Australian Broadcasting Corp’s “Inside Business” program yesterday. “We’re going to be suffering the dual effects of rising costs, rising labor rates and a strong currency, and that’s going to affect not only operations but also the pace and the expense on capital projects.”
“This is a challenge we’re going to face, not just this year, but in the coming years,” Chief Executive Officer Tom Albanese said in an interview on Australian Broadcasting Corp’s “Inside Business” program yesterday. “We’re going to be suffering the dual effects of rising costs, rising labor rates and a strong currency, and that’s going to affect not only operations but also the pace and the expense on capital projects.”
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