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Reuters reported falling iron ore prices have forced Rio Tinto (ASX:RIO,NYSE:RIO) to accelerate and deepen a cost-cutting program.
Reuters reported falling iron ore prices have forced Rio Tinto (ASX:RIO,NYSE:RIO) to accelerate and deepen a cost-cutting program.
As quoted in the market news:
This follows efforts of competing miners, including BHP Billiton and Anglo American, to tame rising costs at a time of sluggish economic growth and weaker metals prices.
Australia’s Rio Tinto – which gets some 80 percent of its profits from iron ore and is the diversified miner most exposed to fluctuations in the steelmaking ingredient – is cutting jobs in London and Melbourne, a source with knowledge of the situation told Reuters.