Rio Tinto cuts billions in spending
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AAP
2012-11-29
Mining giant Rio Tinto plans to cut spending and make savings worth billions of dollars in the next few years due to volatile market conditions.
Rio said on Thursday it aimed to reduce its operating and support costs by more than $US5 billion ($A4.81 billion) by the end of 2014.
It would also cut spending on exploration and evaluation projects by $US1 billion ($A961.95 million) over the remainder of 2012 and 2013, Rio said.
Capital expenditure on approved projects will taper off from their current levels in 2013, it added.
"We are taking further tough action to roll back the unsustainable cost increases of the past few years and are maintaining a relentless focus on improving productivity," chief executive Tom Albanese said in a statement.
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