Newspaper article The Observer (Gladstone, Australia)

Wage Growth Coming for Rio; Huge Profit for Miner after Great Results across Assets

Newspaper article The Observer (Gladstone, Australia)

Wage Growth Coming for Rio; Huge Profit for Miner after Great Results across Assets

Article excerpt

Byline: Tegan Annett tegan.annett@gladstoneobserver.com.au

WAGE growth for Rio Tinto employees is on the cards after a $4billion surge in annual profits.

The mining giant reported an $11.13billion net profit for 2017 after a year of higher commodity prices.

Chief executive Jean-SA[c]bastien Jacques said Rio Tinto was in a position to deliver wage growth to its worldwide employees after the company's best financial result since 2014.

"When companies make more and more profit, at some point in time, these people want to have a fair distribution of wealth," he told the Australian Financial Review.

Mr Jacques said wages would gradually increase within the next five years.

According to the company's full-year report, the stand-out performer in Rio Tinto's Gladstone operations in 2017 was the Yarwun alumina refinery, which broke its production record.

However, Queensland Alumina Limited had lower production due to maintenance work. …

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