News Wrap

IN THIS morning’s News Wrap: Newcrest Mining chief executive Sandeep Biswas is top-earning mining boss; Rio defies iron ore price crunch with new mine; and LNG keen to keep on delivering.

Lou Caruana

Newcrest Mining chief executive Sandeep Biswas top-earning mining boss

The new boss of Newcrest Mining, Sandeep Biswas, will take home the biggest base salary of Australia’s major miners, according to the Sydney Morning Herald.

Remuneration data published by the nation’s biggest mining companies over recent weeks shows that even the chief executives of BHP Billiton and Rio Tinto will receive less guaranteed pay than Biswas, who joined the gold miner in 2014.

Rio defies iron ore price crunch with new mine

Rio Tinto is set to push ahead with a new mine expansion at its flagship Pilbara iron ore division in a show of defiance against sliding iron ore prices and the current supply glut, according to the Australian Financial Review.

In a move that will sustain pressure on smaller producers and the iron ore price, Rio has sought permission from federal regulators in recent days to build a new brownfields mine next to its Yandicoogina iron ore mine in the Pilbara.

LNG keen to keep on delivering

Liquefied Natural Gas chief executive Maurice Brand admits to being surprised at the timing of the company’s spectacular sharemarket surge, rather than the magnitude, but says the pressure is now on to keep delivering on its flagship US export project.

LNG Ltd’s astonishing run has propelled the stock up 1300% this year, while no other stock in the S&P/ASX 200 has even doubled in price.