It Is Targeting Savings of USD 5 Billion by The End of 2014

Rio Tinto Group said that it is targeting savings of USD 5 billion by the end of 2014, while simultaneously boosting production at its iron ore, copper and alumina units.

As per report Rio Tinto plans to cut the USD 5 billion in operating and support costs by the end of 2014 compared with expected costs this year, joining other mining companies in curbing spending plans as metal demand wanes.

Mr Tom Albanese CEO of Rio said "We are taking further tough action to roll back the unsustainable cost increases of the past few years and are maintaining a relentless focus on improving productivity. The short-term macroeconomic outlook remains volatile, with major uncertainties around future US and European economic growth."

Rio last month said it's delaying investment decisions in commodities such as coal while continuing spending on its Australian iron ore expansion.