Rio Tinto targets $2bn savings as it slumps to full-year loss

February 10, 2016

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Mining major Rio Tinto on Thursday announced that it would cut about $1-billion from its operating cost base in 2016, and an additional $1-billion in 2017, in an effort to fight the dwindling commodity prices as it swung into a loss.

“The continued deterioration in the macro environment has generated widespread market uncertainty. We are embarking on a new round of proactive measures to cut our operating costs by a further $1-billion in 2016 followed by an additional goal of $1-billion in 2017,” Rio CEO Sam Walsh said.

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