Rio Tinto Ltd
(ASX:RIO) CEO Tom Albanese’s remuneration package was almost five-times more in 2009 than the year before.
The Australian newspaper reports Mr Albanese’s annual earnings jumped from $US2.11 million in 2008 to $9.87 million last year.
The increased package took him closer to BHP Billiton CEO Marius Kloppers, whose total remuneration was $US10.4 million in 2009.
Details of Mr Albanese’s earnings are outlined in the company’s annual report, which highlights the mining giant’s plan to strengthen its relationship with China.
The report reveals that China is Rio’s largest source of short-term demand growth and last year became the most important destination for its products.
The company is in talks with its biggest shareholder, Chinalco, to form a joint venture to develop the Simandou iron ore field in Guinea, west Africa, at an expected cost of $13.1 billion.
In 2009, Rio Tinto reported a net profit of $5.432 billion.
