Rio Tinto Cuts Diamond Miner Jobs

Bloomberg reported Rio Tinto Limited (ASX:RIO) plans to cut some jobs at the Argyle diamond mine in Western Australia to reduce costs and improve efficiency amid a plan to sell its diamond businesses.

As quoted in the market news:

Some positions at the middle management level may no longer be needed, Rio spokeswoman Karen Halbert said today by phone from Melbourne. She declined to say how many jobs would be cut or how much the company would save.

Rio said in March it’s considering selling the diamond unit because the mines no longer fit its strategy. The diamond unit’s net loss widened to $38 million in the six months ended June 30 from $10 million a year earlier because of one-time charges related to higher capital cost assumptions to expand Argyle.

Click here to read the full Bloomberg report.