Ausdrill cuts board pay 10pc
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.
chairman Terry O’Connor at today’s annual meeting.