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Rio Tinto cuts billions in spending

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AAP

November 29 2012, 09:01AM

"We are investing in the highest returning opportunities, delivering major projects on time and are taking advantage of the inbuilt flexibility in our phased investment programs.

"We have the ability to respond to changing market conditions and I am confident we have the right strategy to maximise shareholder value in the long term."

The short-term macroeconomic outlook remains volatile, with major uncertainties about future economic growth in the United States and Europe, the company said.

But it said it was guardedly optimistic on China's prospects.

Recent economic data from China suggests early signs of an improvement in growth, and Rio expects this to continue in 2013, causing a slight rise in economic growth to above eight per cent.