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Mineweb reported that Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) plans to cut costs and jobs across its six divisions as it struggles against a slump in world commodities prices.
Mineweb reported that Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) plans to cut costs and jobs across its six divisions as it struggles against a slump in world commodities prices.
As quoted in the market news:
Rio Tinto, the second largest diversified miner, is heavily reliant on the price of iron ore, which has fallen by about 50 percent in the last year alone.
London-listed Rio said on Friday its energy chief was leaving and it would fold its coal and uranium businesses into two other units, in a reorganisation aimed at slashing costs.
In an internal note to employees which expanded on the announcement, Rio Tinto’s chief executive instructed six divisional heads to remove duplication and formulate plans to revise the structure of their divisions in the coming weeks.