Rio Tinto chief Sam Walsh on Sunday warned of more job cuts as the mining giant works to make US$5 billion in savings by the end of 2014, but he was upbeat about demand for iron ore from China.
The comments follow the Anglo-Australian miner posting its first annual loss in 18 years in February, plunging US$2.99 billion into the red on writedowns on its Mozambique coal and aluminium businesses and a dip in commodity prices.
Rio has already shed staff in its Sydney and Melbourne offices and last week told employees of plans to nearly halve the number of jobs in London to around 262.
“There will be reductions,” Walsh, speaking ahead of Rio’s annual general meeting in Sydney on Thursday, told the Financial Review Sunday television programme when asked if more jobs would be lost.
“This is not easy. This is a process that is very very tough, but we need to get on top of our costs.”
But he did not give an indication of the scale.
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via Rio Tinto chief warns of more job cuts – Yahoo!7 Finance Australia.
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