RIO dumps torrent of PR slag over media
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RIO’s Sam Walsh launched a massive PR assault on the national press over the weekend after his stock plunged to post-GFC lows in all three of its major jurisdictions, down 50% from its post-GFC peak now:
Appearing in every preening newspaper he could find, Mr Walsh disgorged a mountain of slag about his firm’s prospects. At BS he claimed:
“We’ve got the strongest balance sheet of any of the major mining houses — we’ve got the lowest debt,” Mr Walsh tells The Weekend Australian from the company’s local headquarters at the top end of Melbourne’s Collins Street.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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