Ahead of next week’s Federal Budget Rio Tinto Limited
(ASX:RIO) has lashed out at the cost of doing business in Australia.
The global miner’s chief Tom Albanese has made various comments this week criticising Australia’s over-regulation, amid confirmation the miner is reviewing projects.
Specifically under review is Rio’s Mount Pleasant mine in New South Wales, with a decision to expand the production capacity due this year.
The mine is understood to have come under pressure because of higher costs for labour, a strong Australian dollar and the imminent carbon tax.
Fairfax Media reports Mr Albanese said today Australia has "by far the world’s highest labour costs that are up to 10 times more than other competing mining locations".
Rio Tinto reported a net profit of $6.7 billion the 2011 calendar year.
