Reuters reported Rio Tinto (ASX:RIO) says the mining industry in Australia is complacent and current attitude will lead to widespread cost cuts on lowered iron prices.

As quoted in the market news:

Miners had grown “fat and lazy” after allowing their costs to follow prices higher, Australia’s resources minister Martin Ferguson said, warning this was putting at risk $230 billion worth of new resource projects.

Click here to read the full Reuters report.