Aussie miners must cut costs to survive: Rinehart

Controversial mining tycoon Gina Rinehart has declared that the Australian mining industry must cut costs in order to compete against international rivals.

The Australian
reports that Rinehart, chairperson of iron ore miner Hancock prospecting, is currently on a two-day tour of Australia's eastern states to promote her new book "Northern Australian and Then Some," and is using the opportunity to vent her concerns about the Australian mining industry.

Speaking at the launch of the book at the Four Seasons Hotel in Sydney the world's richest women issued a warning about the cost competitiveness of the Australian mining industry and its ability to compete on an international playing field.

"People overseas aren't going to buy our produce because we're Australians and we're nice people…they're going to buy our produce if we keep our costs down," said Hancock.

"One of the things that I'm really concerned about is the cost competitiveness of our industry because our industry doesn't sell on the local market, it sells on the world market."

Rinehart recently incurred the wrath of the Australia press and public after castigating the poor as lazy and envious and calling for the country's minimum wage levels to be reduced.