State miner looking at staff numbers

Solid Energy's next move is expected to be a review of its head office staff.

Chairman Mark Ford has initiated a second review of employees, mostly based in Christchurch.

The company has already shed 400 staff out of about 1200 still on the payroll.

During the past 10 years the company saw an unprecedented rise in staff numbers under chief executive Don Elder.

He also embarked on various fringe projects, such as a biofuel plant (now sold).

The miner’s union has vowed to fight moves to axe more staff, saying they should not have to pay for the stupidity of management.

But yesterday’s shock revelations of debt at $389 million means the company is only surviving on the security that the government can provide bankers.

c.hutch@clear.net.nz

This article is tagged with the following keywords. Find out more about My Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

What's the bet it will be production staff who get the chop (i.e., the Miners)?

Not quite sure how they reconcile saving money but at the same time retaining their bloated administration staff numbers.

Reply
Share

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7859 0.0027 0.34%
AUD 0.8885 0.0012 0.14%
EUR 0.6234 0.0020 0.32%
GBP 0.4912 0.0015 0.31%
HKD 6.0697 -0.0049 -0.08%
JPY 85.9510 0.3840 0.45%

Commods

Commodity Price Change Time
Gold Index 1198.1 -13.740 2014-10-30T00:
Oil Brent 86.2 -0.880 2014-10-30T00:
Oil Nymex 81.1 -1.180 2014-10-30T00:
Silver Index 16.4 -0.830 2014-10-30T00:

Indices

Symbol Open High Last %
NZX 50 5370.2 5405.3 5370.2 0.39%
NASDAQ 4532.1 4575.5 4549.2 0.37%
DAX 9091.1 9147.0 9082.8 0.35%
DJI 16968.1 17224.0 16974.3 1.30%
FTSE 6453.9 6483.2 6453.9 0.15%
HKSE 23913.7 23952.7 23702.0 0.91%
NI225 15817.1 15952.6 15658.2 1.88%