Aus­drill cuts board pay 10pc

Kalgoorlie Miner - - BUSINESS - Pe­ter Wil­liams

Aus­drill man­ag­ing di­rec­tor Ron Say­ers and fel­low board mem­bers have taken a 10 per cent pay cut as part of ef­forts to cut costs.

The min­ing ser­vices provider has also struck a deal to with its work­ers for an­nual ser­vice bonuses to be paid at the com­pany’s dis- cre­tion. Chair­man Terry O’Con­nor told share­hold­ers at Aus­drill’s an­nual meet­ing to­day the changes would save about $7 mil­lion a year.

Mr O’Con­nor said the con­trac­tor’s head count fell by about 500 to 4000 peo­ple in the past financial year.

He said the com­pany’s best prospects were in the Aus­tralian gold sec­tor and in Africa. “Not only are the larger com­pa­nies look­ing for gold in Aus­tralia, but also many of the ju­nior min­ers are in the field,” Mr O’Con­nor said.

He said the past two years had been dis­ap­point­ing for share­hold­ers.

“Re­gret­tably, we can give not guar­an­tee that things will im­prove in the short term, al­though we do re­main op­ti­mistic for the fu­ture.

“We have been through tough times be­fore, and as a com­pany we al­ways emerge stronger from th­ese pe­ri­ods of ad­ver­sity. “That’s the Aus­drill char­ac­ter.” The con­trac­tor’s shares were down 1 cent to 34 cents at close of trad­ing yes­ter­day.

Pic­ture: Mo­gens Jo­hansen

chair­man Terry O’Con­nor at to­day’s an­nual meet­ing.

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