Rio Tinto moves to cut more jobs and sell assets

MINING giant Rio Tinto is moving ahead with plans to reduce staff and sell assets amid efforts to reduce operating costs by $US5 billion over the next two years.

Chief executive Sam Walsh addressed an annual general meeting in Sydney today, and says two-thirds of the reductions are focused on Rio's aluminium and energy businesses.

Mr Walsh recently took over from Tom Albanese, who stepped down in January after the company announced its first loss under its current corporate structure.

Speaking after the AGM, Mr Walsh said job cuts would be applied across the entire business in an attempt to cut costs.

"Even in our head office in London, we're looking there to significantly reduce our cost base and significantly reduce numbers," he said.

Read more at ABC news online.



Firies rescue woman trapped in car on Cunningham Highway

Firies rescue woman trapped in car on Cunningham Highway

Emergency crews rush to two-vehicle collision on major road.

Mayor defends CEO notes: 'There's two sides to every story'

premium_icon Mayor defends CEO notes: 'There's two sides to every story'

CEO says he did not feel threatened by women, despite 'creepy' notes

Consumers warned supermarket milk levy is a 'total joke'

premium_icon Consumers warned supermarket milk levy is a 'total joke'

The big retailers pay lip service to farmer's plight.

Local Partners