Orica in for an explosive ride following CEO dumping
Following the dumping of Orica boss Ian Smith, the billion-dollar question facing the explosives giant is whether it can maintain margins in the face of much lower commodity prices, according to the Australian Financial Review.
The rapid collapse in coal and iron ore prices has led to a hugely painful adjustment in resources' expenditure as miners cut costs.
Iron ore price slides again as $US30 named ‘breaking point’ for miners
The iron-ore industry will face a “breaking point” if output continues to climb and prices are driven below $US30 a metric tonne, says Bloomberg Intelligence, according to the Sydney Morning Herald.
That’s the level where many of the world's biggest producers would be at or below cost and forced to shut mines, according to Kenneth Hoffman, an analyst at Bloomberg Intelligence. It's about 44% lower than current levels.
Rio Tinto to axe highly paid M&A team as cutbacks deepen
Rio Tinto's continuing austerity campaign is set to force departures from its mergers and acquisitions and business development areas, as the miner tries to shift some of the biggest salaries off its books, according to the Sydney Morning Herald.
Rio has been continually shedding staff since mid-2012 when the market turned for the worse, and these latest cuts are part of the same shake-up that had Energy boss Harry Kenyon-Slaney leave the company in February.
