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Reuters reported today that Rio Tinto (NYSE:RIO) intends to cut about 5 percent of jobs from its Oyu Tolgoi mine in Mongolia. The cut comes as the major miner tries to reduce costs in light of weak commodity prices, according to Reuters.
Reuters reported today that Rio Tinto (NYSE:RIO) intends to cut about 5 percent of jobs from its Oyu Tolgoi mine in Mongolia. The cut comes as the major miner tries to reduce costs in light of weak commodity prices, according to Reuters.
As quoted in the publication:
There were about 7,500 staff and contractors on the Oyu Tolgoi project as of the end of December 2013, most of whom were Mongolian, according to its website. The company, which has targeted $1 billion worth of cost cuts from its global operations this year after slashing $2.3 billion last year, said it needed to rake in savings as copper prices are hovering just above four-year lows.