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Australia's richest woman, Gina Rinehart, wants to share the profits of her Roy Hill iron mine with her workers and this comes with an incentive: the more she exports iron ore, the more loot is big.
Ms. Rinehart introduces performance-based profit-sharing system, private company looking for more efficient use of mooring facilities in Port Hedland's inland port to increase exports at 60 million tonnes a year. .
The move came one day after the $ 390 million cash offer from Hanbad's Redstone subsidiary for Atlas Iron officially opened, and Australian National Bank chief executive Andrew Thorburn said staff bonuses were overvalued. Profit Sharing Plan Generous but Does Not Provide Details on the Allocation Formula
According to the plan announced Wednesday, employees will receive a portion of Roy Hill's profits from Hanbad's Hanbad Prospecting.
Increased Production
Roy Hill CEO Barry Fitzgerald said employees could benefit more from the project if Roy Hill gets the green light from the Government of Western Australia to increase production by 55 million tons. 60 million tons.
"We hope that this profitability can be improved if the WA government gives authorizations for the project to reach 60 million tons a year, which would allow a more productive use of our two posts." Port Hedland, plus an investment from Roy Hill, much of which will still benefit WA. "
Hanbad's bid for Atlas and his fight with Fortescue Metals Group of Andrew Forrest, a 19.9% shareholder in Atlas, have been linked. to access more mooring space and channel capacity in Port Hedland.
West Australian Premier Mark McGowan left the door open for negotiations with Hanbad and Fortescue on the future state-owned infrastructure at Utah Point, currently used by Atlas, and the development of moorings in South West Creek for minors.
Performance objectives
M. Fitzgerald hypothesized that Hanbad might be interested in the Southwest The creek flows in March when he said that port constraints were preventing Roy Hill from gradually increasing exports.
Annual benefit sharing payments depend on Roy Hill's overall performance during the preceding fiscal year
. the achievement of cost and production targets, safety performance and Hanbad-controlled ore have enough money to be distributed as part of the US $ 7.2 billion debt financing ( $ 9.7 billion) which allowed the project to take off
Held at 70% by Hanbad, it recorded a profit of $ 331 million in 2016-2017 and employed nearly 1,400 people.
Ms. Rinehart, who came to No. 3 on the rich list of this year's Financial Review with a fortune of $ 12.68 billion, suggested the benefit-sharing regime several years ago.
She stated that the setting in "
" The employees delivered the impossible "
" My vision continues to share the benefits remains that if Roy Hill has a good year, then we all a good year – with an annual payment to all employees "The first annual payment will be held in December of this year to recognize Roy Hill's outstanding efforts, hard work and commitment to achieving production goals. and performance was said would be impossible to achieve. Our employees have delivered the impossible. "
million. Fitzgerald said the company had created a unique system of commitment and reward.
"This is an exceptional benefit for employees and the cornerstone of our culture. "The president's profit plan means that everyone's joint efforts are paying off, with our people really engaged in the conduct of our operations and our business."
Mrs. Rinehart and Roy Hill partners Marubeni and Posco celebrated the ramp up to 55 million tons per year in May.
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